Click to review the below policies related to inventory reporting for recharge and service center units:

FIN-ACC-350: Accrual Accounting

Click the above link to review the Indiana University policy on accrual accounting. This policy outlines accrual accounting, how this impacts departments at Indiana University, and clarifies which method of accounting is required by the AICPA Audit Guide

FIN-ACC-390: Inventory

Click the above link to review the Indiana University policy on inventory. This policy outlines that each recharge center is responsible for the inventory of all items that were purchased for resale and all items that were purchased for use in the production process for the recharge center. This policy helps ensure that the recharge center balance sheet accurately reflects the unit’s financial position at the end of the fiscal year. This policy emphasizes that a physical inventory of the items maintained in inventory should be taken at least once every fiscal year. Review this policy in full for details about the process surrounding the physical inventory of products for resale, the scope of the policy, reasoning for the policy, definitions for commonly used phrases related to this process, and the history of this policy.

FIN-ACC-400: Recharge and Service Center Activity

Click the above link to review the Indiana University policy on recharge and service center activity. This policy provides the necessary guidance to ensure that any internal transaction that records income to one university account and expense to another meets compliance criteria. In particular, it ensures compliance with Federal OMB Uniform Guidance and related federal cost accounting standards. Review this policy for information about the procedures around recharge and service center activities, the scope of this policy, reasoning for this policy, definitions for common terms surrounding these activities, contacts for questions related to recharge activity, the history of this policy, and for information about how this policy impacts different units and employees at IU.