Handbook of Operating Procedures > Series 400 Budget, Finance and Operations > 4.1.3 Capital and Controlled Assets Inventories

4.1.3 Capital and Controlled Assets Inventories

A. Purpose

This policy provides guidelines for employees at The University of Texas at Tyler and The University of Texas Health Science Center at Tyler (collectively, University employees),regarding  the state law established for capital and controlled assets inventories.

B. Persons Affected

All University employees who are authorized to purchase or who are assigned custody or are in possession of capital or controlled inventoried assets.

C. Definitions

N/A

D. Policy

1. Inventory -  In accordance with state law: Texas Government Code 403.273 https://statutes.capitol.texas.gov/Docs/GV/htm/GV.403.htm requires each state agency to conduct a complete inventory of non-consumable property annually, the University will conduct a complete inventory annually. 
2. The annual inventory will be administrated by the Property Management or Accounting office in accordance with specific state verification guidelines as outlined in the following link: https://fmx.cpa.texas.gov/fmx/pubs/spaproc/ch2/2_12.php
3. The Property Management or Accounting Office is responsible for establishing procedures for requesting changes in inventory, transfers of property, and adding new items to inventory.  

E. Review

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