Illinois Administrative Code
Title 44 - GOVERNMENT CONTRACTS, GRANTMAKING, PROCUREMENT AND PROPERTY MANAGEMENT
Part 5010 - MARKING, INVENTORY, TRANSFER AND DISPOSAL OF STATE-OWNED PERSONAL PROPERTY
Subpart D - INVENTORY REQUIREMENTS
Section 5010.490 - Discrepancies

Universal Citation: 44 IL Admin Code ยง 5010.490

Current through Register Vol. 48, No. 38, September 20, 2024

a) Agencies must report all discrepancies between the previous certificate of inventory certification and the current inventory to the Department.

b) Agencies shall be allowed a reasonable amount of time for searches for overlooked items in order to resolve discrepancies.

c) Newly acquired property purchased within 90 days prior to the inventory shall not be reported as a discrepancy.

d) Discrepancy ratios shall be calculated as follows: percentage of discrepancy equals total value of discrepancies divided by value of total inventory minus lands and improvements.

e) Discrepancy rates shall be computed using the total purchase price of equipment items. Purchase prices for buildings, land and improvements shall not be included in discrepancy figures.

f) The Department requires the following actions in the presence of unusually large discrepancies:

1) re-examination of inventory and a written explanation; and/or

2) on-site investigation.

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