Wine Inventory Control

Purpose:

 The purpose of this policy is to outline the principles of inventory management for LFS Wine Library to ensure appropriate inventory control/record keeping of all wines housed in the Wine Library (Rm 10 and 10A, FNH Building).

Procedures:

  1. Receipt of Wine

Wines donated to the Wine Library should be received and recorded by LFS Development Office in order to issue proper tax receipt to the donor.

Any wine purchase will require justification and approval by the Wine Research Centre Director and the Dean or their designate.

  1. Usage of Wine

Wines used for research purposes will require that the Principal Investigator (Researcher) of the research project receive approval from the Wine Research Centre Director. If the Wine Research Centre Director is the requestor, the request will require approval from the Associate Dean Research or Dean.

Wines used for teaching purposes will require that the course instructor receive approval from the Wine Research Centre Director. If the Wine Research Centre Director is the requestor, the request will require approval from the Associate Dean Academic or Dean.

Wines used for fundraising and other faculty hosted events will require approval from both the Wine Research Centre Director and the Dean or their designate. Donors should not be invited to events where their donated wines will be consumed.

Allowable usage of the wines:

Purpose of wine usage Maximum value per bottle
Research $200 CAD
Teaching $200 CAD
Faculty hosted events* $200 CAD

*Alcohol cost must not exceed 35% of the total cost of food and beverage served in the event.

  1. Recordkeeping

The WRC Administrative Manager is responsible for the recordkeeping of all wines received and used. When the WRC Administrative Manager is not available, the Senior Finance Manager will act as the substitute.

Each record should contain information of the bottle including:

  • Wine Name
  • Vintage
  • Colour
  • Bottle Size
  • Market Value
  • Quantity
  • Section Located
  • Date Received/Used
  • Purpose
  • Reference number
  1. Valuation of Wine

All wines will be valued by a professional wine appraisers. The appraiser will change every 3 years.

Should any potential or perceived Conflict of Interest issues arise with the wine appraiser, an alternate appraiser will be consulted.

The wine inventory valuation will be reported to UBC Risk Management Services annually for insurance purposes.

  1. Physical Control

Wines received will be positioned in the Wine Library by the Wine Research Centre Director accompanied by the WRC Administrative Manager. In the absence of the WRC Administrative Manager, the Senior Finance Manager will act as the substitute.

Wines used for research/teaching/faculty hosted events will be taken out from the Wine Library by the WRC Administrative Manager accompanied by the requestor of the wine. In the absence of the WRC Administrative Manager, the Senior Finance Manager will act as the substitute.

Anyone entering the Wine Library must complete the access log for room 10 and 10A. The access log will be reconciled against the UBC Security Access Report on a quarterly basis and approved by the Dean.

An inventory count will be performed annually by the WRC Administrative Manager and the Senior Finance Manager.

Forms:

Appendix I: Wine Usage Request

Appendix II: Incoming Wine Record

Appendix III: Wine Library Access Log