Policies and Procedures
Physical Inventories of Federal-titled Equipment
The Capital Assets Management (CAM) office coordinates the physical inventory of all Government-owned equipment and reports discrepancies to the Grant Accounting Office. The physical inventory is conducted by the Custodial Department.
Government owned equipment must be audited annually by the department to which the equipment is assigned.
CAM notifies departments by May 1 each year to begin the inventory. Inventories must be completed by June 1 in order to provide annual reports to Grant Accounting and auditors.
Custodians will receive instructions, an electronic listing of Government-owned assets, and a blank “Letter of Certification” from CAM. The electronic listing will include a column indicating the current federal condition code for each asset.
Departments must verify the existence of all federal equipment items assigned to them. This helps the University satisfy the requirement to manage Government property in its possession. Departments meet the requirement by:
Verifying the existence and condition of all assets on the listing,
Reporting the addition of any Government-owned assets on the Statement of Government-Owned Equipment Status,
Reporting the correction of any Government-owned assets carrying a University bar-code tag but not on the listing on the Statement of Government-Owned Equipment Status,
Reporting any changes or disposition to a Government-owned asset on the Statement of Government-Owned Equipment Status,
Updating the “Federal Condition Code” column of the electronic list to show changes to condition code, so that CAM can update records.
The electronic listing will note any equipment for which disposition is pending but for which CAM has not been authorized to remove the asset. Custodians are to inventory these assets also during the inventory process.
Department Executive Officers are required to review the completed inventory and sign the "Letter of Certification".
The entire packet ("Letter of Certification", updated electronic listing, and FORMs) is to be returned to CAM.
CAM updates asset records and federal asset pages and forwards changes to Grant Accounting.