A physical inventory is necessary to 1) verify the accuracy of records which reflect the status of personal property, 2) to reconcile with the property records with the fiscal records, 3) discover the need for additional safeguards to prevent misuse, theft, and other losses, and 4) disclose procedural weakness in routing vouchers and posting inventory records.

When and how does inventorying occur?

Inventorying occurs cyclically throughout the fiscal year. Inventorying can be coupled with either one or a combination of the following including 1) utilization surveys of equipment in use, 2) preventive maintenance inspections where practicable to assure proper care of property or 3) scheduled equipment maintenance or replacement program actions.

What is inventoried and how often does this occur?

In accordance with GSA, NIH is required by law to inventory all accountable , personal property annually. A complete, physical inventory shall be conducted on all sensitive items annually. When an employee is authorized to remove personal custody items from HHS facilities, a physical inventory is not required. However the employee shall be required to make signed, written statement that the property is still in his or her possession.

Inventorying can sometimes take a while. How can I help expedite the inventorying process?

To help expedite the process, all personal accountable and sensitive property items should be taken out of drawers and off shelves so they can be readily seen and inventoried.

How can I learn more about inventories and the inventorying process?

Any PPB staff person can address any additional questions that you may have in this area. PPB staff can be reached at (301) 496-5712.