As stated in theAsset Management Guidelines and Procedures (PDF 309KB) section 5.0, each year (October), the Office of Plant Funds will send out instructions and a list of all capital equipment by unit and by department with each unit. This list will be distributed to the Unit Point of Contract who will then coordinate the physical counting of the capital equipment. Unit representatives may be appointed to conduct the physical inventory count. Results should then be report on the forms provided to the Office of Plant funds on or before December 1.
This annual physical inventory will allow departments to confirm that all of the capital assets that have been purchased and or transferred to the departments exist and are still accountable. This process is very important to maintain a registry of all of the University’s capital assets.
The Office of Plant Funds will perform periodic audits to help ensure departments are complying with the University’s Asset Management Guidelines and Procedures.
This process is essential to maintaining an accurate and current registration of movable capital assets and ensuring that we are following standard accounting principles and federal guidelines and procedures.
