The purpose of this policy is to provide guidance to the Property Management unit as to the policies and procedures for conducting the University's physical capital equipment inventory. The Federal Regulation OMB 110 requires a physical inventory be conducted of all capital assets every year. The purpose of the physical inventory is to verify the existence, current utilization and continued need for capital equipment owned by, donated to, furnished to or otherwise accountable to the University.
This policy applies to all University departments.
The university is required to conduct an all-encompassing physical inventory of its capital equipment and government-sponsored property. Inventories may be conducted at the close of a sponsored agreement, or as needed to fulfill Property Administration responsibilities.