Equipment Inventory Procedures
Time & sequence
The Financial Reporting Office staff usually begins with the buildings containing the largest amount of equipment. It normally takes two months to complete the inventories for all departments. The building schedule and initial inventory lists are distributed at the equipment liaison training each December.
Scheduling & Availability
About two weeks prior to the start of the inventory for a particular building, the Financial Reporting Office will contact equipment liaisons within the building to schedule a time. Financial Reporting will make every effort to accommodate requests from liaisons.
Accessing All Equipment Areas
On the scheduled inventory date, liaisons must be available to accompany the Financial Reporting Office personnel. Liaisons must have access to all areas containing equipment, including locked locations requiring access by key.
Approximately one week after the inventory process has been completed for all buildings, Financial Reporting will inform the liaisons of the preliminary results with a listing of missing equipment.
- Within two weeks of receipt of the preliminary report, liaisons report to Financial Reporting all equipment listed as missing on the report that has since been located.
- Within two weeks of receipt of located equipment reports, Financial Reporting processes all changes and distributes updated missing equipment listings to chairs/directors and liaisons.
- Within three weeks of receipt of updated missing equipment listings, chairs/directors and liaisons report to Financial Reporting all equipment that was listed as missing on the updated report that has since been located.
- Within one week of receipt of the report of additional located equipment, Financial Reporting processes all changes and distributes a final listing of missing equipment and associated book value to chairs and directors for final review.
Within one week of distribution of the final listing and before the end of the fiscal year, results are communicated to the Senior Vice President and the Provost.
Correct Equipment Information in Department’s Inventory
How to remove an equipment from my inventory that does not belong to my department?
Usually equipment that is currently on your inventory and doesn’t belong could be on there for a variety of reasons which are usually easily resolved. Please contact Fixed Assets regarding this issue and we will work with you to find why the equipment is on your inventory, figure out whose inventory it should be located, and to fill out the proper paperwork in order to fix the problem.