A biennial inventory of capital assets is required by Federal costing regulations. Payment Processing & Compliance currently employs a perpetual inventory to comply with those regulations. The perpetual inventory entails that only a select group of Responsibility Centers are inventoried at any one time. At the end of the two-year cycle, the inventory will be complete for the entire University community and a new cycle will begin. Review the Perpetual Inventory Schedule.
Informal Instructions for Asset Inventory
Along with the formal instructions for completing the asset inventory reports, the following information may be helpful:
- Assets with a tag number beginning with two letters are assets that have been added to the database but not yet tagged.
- If providing an update for the location of an asset, use only valid room numbers. Do not use locations such as ABC Lab or XYZ Center. Utilize the building list for valid abbreviations.
- If a piece of equipment is highly portable or mobile, please note it on the update line; that information is important if a spot audit fails to find an asset in the verified space.
- Concentrate on the Inventory Reports – these must be completed, signed, and returned before the end of the quarter. There can be no exceptions.
- When retiring an asset on the inventory reports, an Asset Retirement Form must be used. Visit this page to complete and submit the form. If there are a large number of retirements, please compile the tag numbers and descriptions on a spreadsheet. One (1) signed Asset Retirement Form is still required to accompany this spreadsheet. In addition, always provide a reason for retirement (PI transferred, equipment broke and not worth repairing, etc.).
- The Zero Net Book Value Report is not time sensitive. It can be completed at a later date if necessary. There is no need to physically verify the assets or update any information about them. Of course, any updates made on the reports will be entered into the asset database, but it is not required. These reports are important as assets remain on the database until officially retired, and grant sponsored equipment may be subject to auditing. Do not retire any assets that may be still in use or storage, only retire equipment that is known to have been disposed.