Physical Inventory Procedures

Goal

Annual Inventory of College Property.

Purpose

Verification of College property, its location and accuracy of the record asset is properly safeguarded and proper disposal is followed.

Associated Material

Inventory Report, Fixed Asset Control Record and Banner/Fixed Assets

Procedures

College Property Inventory Report Verification

  1. Send the Inventory Report and instructions to the selected departments. This property listing is a computer printout that includes information about all assets in the department, as shown in the records maintained by the Fixed Asset Department.
  2. The department has 60 days to complete the inventory. It is in the best interest of the departments to conduct their physical inventories in the shortest possible time period to avoid the problems and extra work arising from the movement of equipment.
  3. The physical inventory involves verifying the physical existence, tagging, accuracy of the description, serial number, and location on the inventory report.
  4. As each item is verified and is correct, check off on report.
  5. For those items verified but with inaccurate or missing information, make note of the correction on the report.
  6. If a-tagged property is found during the physical count that is not included on the property report, add the item(s) to the property inventory schedule by writing the tag number, description and location information at the bottom of the inventory report.
  7. If an item is not found, make a note "Not Located" by the item's A-tag on the property inventory report. During the inventory period, departments are expected to make a thorough search for the item(s). If a determination is made that the item is stolen, a police report must be filed with the campus security department. If the item(s) is grant owned or other sponsored titled, a copy of the security report must be sent to the grant administrator.
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