Inventory

State law requires that a complete physical inventory be conducted each fiscal year. UNT and UNTS will conduct the annual inventory in the month of May or June each year. Property Management will send the instructions on how to pull the inventory during the last week of April.. Upon completion (due no later than the 15th of June or the last business day before the June 15th) an Annual Physical Inventory Certification is signed by the Department Manager (EIS) and the asset coordinator and returned to Property Management.

Tips and Techniques:

  • Having current, accurate location and custodian of each asset in EIS is paramount. Upkeep of this information by the Asset Users should be performed throughout the year.
  • Physically locating assets based on accurate location and custodian ensures timely completion of the annual requirement.
  • Break the inventory into manageable pieces. (i.e. room/building/type of assets/acquiring Dept/ProjID/custodian)
  • Property inventories should be conducted by individuals (verifiers) who are not responsible for the property being inventoried nor for accounting for it on a day to day basis.
  • Complete all documentation required to support the inventory. Inventories are not complete until all supporting documentation and the summary sheet are turned in and accepted by Property Management.

Inventory Type:

  1.  Capital Assets. “Capital Assets” means possessions that meet the definition of personal property as set forth below and have a single unit value of $5,000 or greater and an estimated useful life of more than one year. Generally, a capital asset can be controlled by means of marking with identification numbers and/or manufacturer’s serial numbers.
     
  2. Controlled Assets. “Controlled Assets” means assets that qualify as personal property but do not meet the capitalization threshold. The value of a controlled asset is between the range of $500 and $4,999.99, with an estimated useful life of more than one year. These assets must be secured and tracked due to the nature of the item. This type of asset does not include capital assets, real property, and improvements to real property or infrastructure. It does include firearms, TVs, cameras, camcorders, VCRs, stereo systems, data projectors, and computer. Firearms and computers will be tracked regardless of value.
Top