Inventory Spot Check Procedures


To conduct a periodic inventory spot check by department.


Verification of College property and its location as specified on the department physical inventory report.

Associated Material

Physical Inventory Report, Spot Check Memo and Banner/Fixed Assets System


Department Property Inventory Spot Checks

  1. Schedule a meeting with the Financial Manager, Administrative Assistant, Secretary and other employees involved during the physical inventory process.
  2. The Fixed Assets Department will review the inventory report along with everyone at the meeting and will concentrate on the assets stated not found by the department.
  3. The Fixed Assets Department will then conduct a search and try to find the assets. Once the spot check review is completed the following documentation is done:
    1. We create a report on items found
    2. Update changes in the Banner/Fixed Assets System
    3. Provide copies of the spot check report to the Financial Manager
    4. The Fixed Assets Department keeps a copy for future reference. Ex: Auditors & SACS-COC


Fixed Assets Staff and Department Account Manager

  1. Division Deans and department heads are responsible for the control of all fixed asset items for their areas and should know where all items are located.
  2. Division Deans and department heads will be responsible for completing an annual inventory and making corrections to the printout fixed asset pages, which are supplied. During the year all items, which have been lost, stolen, destroyed, become obsolete or transferred, will be reported immediately to the Receiving/Fixed Asset Department on the appropriate form.
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