The annual equipment inventory verification process is an accounting of all capital equipment greater than or equal to $5,000 held by the University. The existence of each item must be verified against the Annual Equipment Inventory Verification Request. This inventory report lists all equipment assigned to the department/organization that is greater than or equal to $5,000 received by March 31st. Capital Equipment Policy and Procedures can be found on the General Accounting web page.
Steps to complete the inventory:
- Locate the red inventory tag on each piece of equipment and match the number to the tag number on the report. Reminder: items with a tag number beginning with “9” will not have a red tag. Correct any errors and fill in any missing data, if necessary.
- The location of each item should be accurately reported on the inventory report. Note changes directly on the inventory form, if necessary.
- If an item has been moved, transferred, traded-in, cannibalized, or destroyed, complete the appropriate section of the Equipment Status Change Form, which can be found on the General Accounting Forms web page, if not already submitted to the Controller’s Office.
- If an item has been moved to surplus or scrapped, complete the appropriate form, (if not already completed), which can be found on the Recyling website.
- If an item has been lost or stolen, a security report must be filed with the University Police. Include the appropriate form(s) when returning your Annual Inventory to the Controller’s Office.
- If in the course of taking the physical inventory, you find other capital items not listed on your report, add all of the appropriate information to your inventory form.
Inventories must be completed and returned to the Controller’s Office, Jones Hall, by May 15th. The financial manager must read, sign, and date the form before it is submitted. It is the responsibility of the Financial Manager to safeguard all assets while they remain on the organization’s inventory.
If you have any questions, please contact Lisa Reichert in the Controller’s Office at extension 1919.
Thank you for your cooperation.