Capital Movable Asset Physical Inventories, Tagging and Location Changes
About This Policy
- Effective Date:
- Date of Last Review/Update:
- Responsible University Office:
- Capital Assets
- Responsible University Administrator:
Vice President and Chief Financial Officer
- Policy Contact:
Associate Director, Capital Assets & Federal Cost Accounting
- Policy Feedback:
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“A physical inventory of equipment shall be taken, and the results reconciled with the equipment records at least once every two years. Any differences between quantities determined by the physical inspection and those shown in the accounting records must be investigated to determine the causes of the difference.” (Reference: U.S. Office of Management and Budget Uniform Guidance, Uniform Requirements for Grants and Other Agreements with Institutions of Higer Education, Hospitals, and Other Non-Profit Organizations).
All movable capital assets located in university owned or leased buildings, purchased through the university financial system, or used in university research projects is deemed to be in the custody of the university, regardless of who ultimately retains title to this equipment.
All movable capital assets must have a university yellow identifying tag affixed to it within thirty (30) days of receipt. Federally owned equipment will have affixed to it a university tag and a governmnet ownership tag.
Whenever a unit changes the location of a movable capital asset, the location must be updated in the Capital Asset Management System within 30 days of the change.
Reason for Policy
Physical inventories and tagging are completed to secure university capital assets, to verify location for compliance with OMB Uniform Guidance, and to assist units with effective management of capital equipment.
Each unit is responsible for movable capital asset physical inventories, tagging, and changing locations for those assets capitalized under their organization code in the Kuali Financial System. Inventory Trakkers are available for scanning inventories. The Campus Capital Asset Office will train a unit's inventory representative on the use of the Trakkers. When the asset is scanned, the last inventory date in the Capital Asset Management System will be updated. Any asset unable to be scanned must be updated manually. If the asset is moved between inventories, the unit will update the asset location in the capital asset system within 30 days of the asset being moved. Movable capital asset tags can be purchased from the University Capital Asset Office.