01.09.13 - Plan for Loss of Inventory

Plan for Loss of Inventory Policy Number and Last Update
(01.09.13/01-2011)

In order to maintain high quality services for Head Start children and families, the following steps will be followed to ensure necessary supplies and equipment:

• All losses will be reported as soon as possible to the Executive Director. Losses will be noted on the inventory log. The Executive Director will notify the insurance company to recover any insured loss.
• Determination will be made by the Executive Director with input by the program coordinators to replace, not replace, or substitute losses. Determination will be made with reference to the Performance Standards, Licensing Standards, curriculum, and program operations.
• If replacement is determined, the Executive Director will secure cost estimates.
• The Executive Director and Financial Manager will determine if loss can be absorbed by the current budget. If costs can be absorbed, normal procurement procedures will be followed, including grantee notification, Policy Committee, and Board approval, as needed.
• If replacement costs cannot be absorbed, the Grantee will be notified to see if other funds may be available, or if possible, loss can be covered by future program improvement funds. Delegates will work with the Grantee to ensure necessary adjustments are made to provide quality services.