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Inventory Control

It is the general responsibility of members of the faculty and administration to generally steward all items purchased with University funds. Stewarding includes, but is not limited to, the proper use, care, maintenance and safekeeping of all assets under the control of an employee’s respective unit. University funds include, but are not limited to, overhead accounts, start-up funds, grants and contracts, professional development and operating budgets.


Periodic Inventory Process

To ensure the accuracy of the equipment inventory system, the following guidelines have been established:

  1. The Department Chairperson and/or Inventory Coordinator assist in conducting the physical inventories in their departments; the Property Coordinator will schedule and coordinate this effort;
  2. Each item selected for inspection during the biennial inventory is reviewed to verify its existence, current utilization, and continued need for the property.
  3. Items not found or reconciled will be indicated as unfound within the Asset Management system. Any item that is not found after two physical inventory cycles will be removed from the system.
  4. If untagged items meeting the capitalization criteria are identified during the sample inventory, these items will be tagged and appropriate data recorded into the inventory system.
  5. The Department Chairperson and/or Inventory Coordinator is/are responsible for reconciliation of inventory items that were not discovered during the physical inventory process. The appropriate documentation to support inventory changes will be provided by the Department Chairperson and Inventory Coordinator to the Property and Asset Management team for updating to the database.
  6. The Property Coordinator will investigate the status of equipment items not verified through the physical inventory and update the system accordingly.