4.1.3 Inventories

A. Purpose

This policy will acquaint faculty and staff with the minimum procedures established to account for University inventories.

B. Persons Affected

This policy applies to all University employees who are authorized to purchase capital or other inventoried assets.

C. Definitions


D. Policy and Procedures

  1. Inventory Reviews
    1. State law requires that each state agency make a complete inventory of non- consumable property annually. Each year the University Financial Services Inventory Office specifies the date by which an agency should have completed its inventory. Spot checks will be made throughout the year by Financial Services, Audit Services, and/or the Compliance Office to ensure that University records are correct.
    2. Information and instructions as to the annual inventory procedures, appropriate forms, and deadlines will be furnished to Budget Authorities by Financial Services.
    3. Each Budget Authority’s inventory process should be conducted by two or more individuals who do not have responsibility for entering or reporting property.
  2. Requests for Change in Inventory 

    Any request for change in inventory should be submitted to Financial Services. Requests for change should state the inventory number, description, and location. The Budget Authority’s staff should prepare the applicable forms, have the appropriate people sign them, and forward the forms to Financial Services. Forms are located on the Financial Services website. Changes include:

    1. Transfers between departments
    2. Transfers into and out of The University
    3. Trade-Ins
    4. Cannibalization
    5. Deletions
    6. Gifts (Budget Authority must also provide documentation to the Vice President for University Advancement)
  3. Receipt of New Equipment 

    When new property is received, the department should contact Financial Services immediately to ensure that the item is tagged and added to the inventory system.

E. Review

This policy shall be reviewed by Financial Services every five years or as legislation changes.

LAST AMENDED:  04/15/2016