Inventory Spot Check Procedures

Goal

To annually complete a minimum of eight (8) inventory spot checks for several College instructional programs and support services departments.

Purpose

To verify that the College’s assets listed on the Cost Center Manager and Asset Coordinator’s physical inventory report are accounted for, and that the location and worker issued to are correct.

Associated Material

Physical Inventory Report, Annual Departmental Physical Inventory Spot Check Findings and Recommendations Memo, and Workday/Fixed Assets System

Procedure

Department Physical Inventory Spot Checks    

1. The Fixed Assets staff will schedule a meeting with the selected Cost Center Manager/Asset Coordinator, Administrative Assistant, Secretary, and any other employees involved with the department’s annual physical inventory verification.
2. During the meeting, the Fixed Assets staff will review the department’s physical inventory report with the attendees and explain that the spot check process will target the department's assets reported as “not found” during the annual physical inventory verification.
3. The Fixed Assets staff will search for the assets that were not located during the spot check process. The following steps are completed:
   1. Provide a copy of the spot check report to the Cost Center Manager/Asset Coordinator and review the updates needed.
   2. The department Cost Center Manager/Asset Coordinator must update the changes needed using the Workday/Fixed Assets System. (Ex: Employee Issued to or asset location).
   3. As soon as the department informs the Fixed Assets staff that all the changes are completed, the Fixed Assets staff will confirm that all the updates were completed in the Workday/Fixed Assets System.
   4. The Distribution Services Manager will sign the Annual Departmental Physical Inventory Spot Check Findings and Recommendations Memo and email it to the Cost Center Manager/Asset Coordinator as confirmation that all updates were completed.
   5. The Fixed Assets Department will keep a record of the memo and report of the completed annual spot checks for future reference. (Ex: Auditors and SACSCOC)

Responsibilities

Fixed Assets Staff and Cost Center Managers/Asset Coordinators

1. Cost Center Managers and Asset Coordinators are responsible for safeguarding all the assets under their responsibility and should know where all their assets are located at all times.
2. Cost Center Managers and Asset Coordinators are responsible for completing an annual physical inventory and correcting the inventory reports as needed. Assets that are lost, stolen, destroyed, obsolete, transferred, or not found must be reported to the Central Receiving/Fixed Asset Department immediately.