Property Inventory

University Roles and Responsibilities  

Each University Department has the primary responsibility for the custody, care, maintenance, and control of property assigned to their respective area. University Department roles and responsibilities are defined in the following document.

Frequency of Campus Inventories  

The University will conduct a physical inventory of all property once every three years. The Supervisor of Property Management will coordinate the effort, providing inventory listings, pertinent forms, procedures and deadlines. The supervisor will also be responsible for obtaining completed inventory reports from the departments and updating the property records accordingly. The completed inventory listings will be retained for four years or until audited, whichever is first.

Department Record Keeper and Property Management will make a physical count of all property and reconcile the count with the WASP records at least once every three years. Department Record Keepers will be designated by the Department Chairs, Deans, Directors, and Program Administrators of their department. An Excel spreadsheet and inventory instructions will be furnished to each department at inventory time by Property Management. Property Management may verify the department inventory on the basis of statistical sampling. If the sample shows significant discrepancies, Property Management should take a complete physical inventory.

Results of Inventories

Department Record Keepers will submit to Property Management a property listing that identifies all discrepancies disclosed by physical inventory. The listing shall include a signed statement that physical inventory of all or certain classes of property was completed on a given date and that the official property records were found to be in agreement with the physical inventory, except for discrepancies reported. The listing and signed statement will be furnished with a minimum of delay at the completion of the physical inventory.

Printouts and lists used to take inventory should be dated and signed by the inventory taker and retained for audit.