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Office of the Vice President for
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The State Property Accounting Policies and Procedures Manual requires the University to conduct a physical inventory of all capital and controlled assets. It will be coordinated by the Property Manager once a year. This process attempts to ensure that every capital and controlled asset is listed on the Property Manager's Master Inventory Record and to account for each capital and controlled asset issued to a department.


Each Property Custodian will receives their departmental inventory report prior to the initiation of the required annual property inventory. The inventory report includes these specific items:

  • Inventory number
  • Invoice date
  • Description of the asset including responsible person
  • Location (department, building, and room number)
  • Serial number, when applicable
  • Value of asset

The Property Custodian performs the physical inventory. The Property Custodian shall verify the information and indicate to the Property Manager any necessary changes to the report. After the Property Custodian performs the physical inventory, the Property Manager shall verify on a sample basis the inventory listing. Any discrepancies shall be researched by the Property Manager to ensure the accuracy of the Property Custodian's reporting. The Property Manager's clerk will update the database prior to sending the Certification of Physical Inventory Form to the State Comptroller. Facility Services will provide an updated departmental inventory report to each department after all reports have been received.

The condition of the property should also be evaluated during a physical inventory.



New-new or excellent condition.

Good-new, used or reconditioned property which has been renovated, and, while still in usable condition, is slightly shopworn, soiled, or otherwise precluded from the term 'new condition.' The condition of the property does not impair the utility of the property.

Fair-new or used property that is soiled or shopworn, rusted, deteriorated or damaged to the extent that utility is slightly impaired; or reconditioned property which has been repaired or renovated but has deteriorated since reconditioning and on which further repair or renovation is required or expected to be needed in the near future.

Poor-new or used property so badly broken, soiled, rusted, mildewed, deteriorated, or damaged that its utility is seriously impaired or property which has been repaired or renovated and is in bad condition as a result of serious deterioration such as major wear and tear, corrosion or exposure to weather.


Signature Obtained            04/15/2013
Phil Castille, Ph.D.             Date

Next Review Date: April, 2016
Originating Department: Facilities Services

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