50.25 Annual Inventory of Capital Assets

Purpose:

To establish policies and procedures associated with an annual physical inventory of capital assets.

Policy:

The Chancellor's Office will conduct a physical inventory of all capital assets on an annual basis. A capital asset is

  • a tangible asset owned by OUS
  • used in OUS operations (not for resale)
  • has a useful life over one year
  • has an initial cost (inclusive of ancillary charges) of at least $5,000

The following procedures will be used for the annual inventory of capital assets.

Procedures:

  1. Business Services will distribute an inventory report to departments in January of each year.
  2. Staff in each department are responsible for performing a physical inventory review of all items. A physical inventory means that staff should physically locate items listed on the inventory report and verify that each asset has an inventory sticker affixed to the asset.
  3. Staff conducting the physical inventory should be familiar with the four major categories/situations noted below (and the action required for each). Note: If more detail is needed to identify an asset shown on the inventory report, Banner form FFIMAST shows additional information about the asset.
    1. The asset is located and the asset's record is accurate.

      Action Required:

      • There is no action required.
    2. The asset is located, but the asset's record needs to be updated. This could be a variety of updates, including (but not limited to) the following:
      • Description - The description should be updated to better identify the item
      • Location - The building and/or room number should be updated to show the current location of item
      • Organization - The organization code should be updated to reflect the current responsible department within the Chancellor's Office
      • Model - The model should be added to better identify the item
      • Serial Number - The serial number should be added to better identify the item

      Action Required:

      • Complete an "Asset Maintenance Form" for each capital asset requiring one or more of the above changes.
      • On the asset inventory list note "Update" next to the asset(s) for which you are submitting a form to update the record.
    3. The asset is lost or missing.

      Action Required:

      • Contact the Manager of Business Services ( 541-737-0822 or jackie_thorsness@ous.edu ) for assistance in dealing with this asset.
      • On the asset inventory list note

        "Missing"

        next to these asset(s).

    4. A capital asset is located during the physical inventory that does not appear on your department's asset inventory list.

      Action Required:

      • Contact the Manager of Business Services ( 541-737-0822 or jackie_thorsness@ous.edu ) for assistance in dealing with this asset.
    5. A situation occurs that does not fit those noted in 3A-D above.

      Action Required:

  4. The following should be signed by the Department Head and routed to Business Services:
    • Annual inventory list (with notations noted above, if applicable)
    • Asset Maintenance Forms (if applicable)
  5. Business Services will update the inventory records to reflect changes requested.
  6. Business Services will maintain the annual physical inventory reports and Asset Maintenance Forms in archive files.

Authoritative References:

Forms:

Banner Query Forms:

FFIMAST Fixed Asset Master Query Form
FFIFALV Fixed Asset List Form

Banner Reports:

FWRFAIA Non-Expendable Inventory Annual Report
NOTE: Be sure to complete the parameter(s) for the Organization Code to print only your department's list of inventoried item(s)

Purpose:

To establish policies and procedures associated with an annual physical inventory of capital assets.

Policy:

The Chancellor's Office will conduct a physical inventory of all capital assets on an annual basis. A capital asset is

  • a tangible asset owned by OUS
  • used in OUS operations (not for resale)
  • has a useful life over one year
  • has an initial cost (inclusive of ancillary charges) of at least $5,000

The following procedures will be used for the annual inventory of capital assets.

Procedures:

  1. Business Services will distribute an inventory report to departments in January of each year.
  2. Staff in each department are responsible for performing a physical inventory review of all items. A physical inventory means that staff should physically locate items listed on the inventory report and verify that each asset has an inventory sticker affixed to the asset.
  3. Staff conducting the physical inventory should be familiar with the four major categories/situations noted below (and the action required for each). Note: If more detail is needed to identify an asset shown on the inventory report, Banner form FFIMAST shows additional information about the asset.
    1. The asset is located and the asset's record is accurate.

      Action Required:

      • There is no action required.
    2. The asset is located, but the asset's record needs to be updated. This could be a variety of updates, including (but not limited to) the following:
      • Description - The description should be updated to better identify the item
      • Location - The building and/or room number should be updated to show the current location of item
      • Organization - The organization code should be updated to reflect the current responsible department within the Chancellor's Office
      • Model - The model should be added to better identify the item
      • Serial Number - The serial number should be added to better identify the item

      Action Required:

      • Complete an "Asset Maintenance Form" for each capital asset requiring one or more of the above changes.
      • On the asset inventory list note "Update" next to the asset(s) for which you are submitting a form to update the record.
    3. The asset is lost or missing.

      Action Required:

      • Contact the Manager of Business Services ( 541-737-0822 or jackie_thorsness@ous.edu ) for assistance in dealing with this asset.
      • On the asset inventory list note

        "Missing"

        next to these asset(s).

    4. A capital asset is located during the physical inventory that does not appear on your department's asset inventory list.

      Action Required:

      • Contact the Manager of Business Services ( 541-737-0822 or jackie_thorsness@ous.edu ) for assistance in dealing with this asset.
    5. A situation occurs that does not fit those noted in 3A-D above.

      Action Required:

  4. The following should be signed by the Department Head and routed to Business Services:
    • Annual inventory list (with notations noted above, if applicable)
    • Asset Maintenance Forms (if applicable)
  5. Business Services will update the inventory records to reflect changes requested.
  6. Business Services will maintain the annual physical inventory reports and Asset Maintenance Forms in archive files.

Authoritative References:

Forms:

Banner Query Forms:

FFIMAST Fixed Asset Master Query Form
FFIFALV Fixed Asset List Form

Banner Reports:

FWRFAIA Non-Expendable Inventory Annual Report
NOTE: Be sure to complete the parameter(s) for the Organization Code to print only your department's list of inventoried item(s)