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Printed Inventory Process of Conducting Annual Inventory


    Policy Statement

    The University of Georgia is required by the Board of Regents of the University System of Georgia (USG) and state and federal regulations to inventory and track moveable assets.  USG policy requires all institutions conduct a physical inventory count annually.

    Board of Regents Business Procedures Manual 11.4:

    All institutions within the University System of Georgia must conduct a mandatory physical equipment inventory annually. The results of this inventory will be updated into the equipment inventory systems utilized by the institution to satisfy state reporting requirements. These results should change the status or condition of the item if required, such as missing or poor condition.

    Reason for policy
    In order to be good stewards of state resources, the University of Georgia must know what inventoried assets are on hand and the location of each item.
    Procedures

    Conducting the annual inventory process by paper reports is in the process of being phased out to an electronic process using barcode readers.  Until all departments are transitioned to the new process the instructions below will be used as guidelines for this manual process.

    A physical inventory of University equipment will be conducted at least annually. At the designated time of inventory, Property Control will provide each Assistant Inventory Control Officer (AICO) computerized listings of equipment charged to his or her unit’s custody. A letter of instructions, to include any special provisions, will also be forwarded. The listings should be verified by actual physical inventory and sighting of the items.

    Information on the listings should be verified and corrected as necessary. The listings will be annotated to reflect those items located. Discrepancies will also be noted thereon.

    A certification of actual inventory, in the form of a signature sheet attached to the master copy of   the inventory printout, placed at the bottom of the listing, will be signed by the department head or his appointed representative. This certifies that the equipment on the listing, except as noted, is currently being utilized and is necessary to satisfy federal audit requirements concerning equipment being used for its intended purpose.

    Upon receipt of the certified listings, Property Control will reconcile the physical inventory to the master inventory record. Items added and deleted as a result of the inventory will be itemized separately and a total monetary value will be established for each.

    Upon request, department heads will be provided with a complete, updated copy of their inventory after all corrections have been made to the master inventory record.

    Each Assistant Inventory Control Officer will be given an eight week period to conduct their physical inventory. The department will be scheduled to conduct their physical inventory during the same time each year unless deviation is requested by the AICO and coordinated with Property Control personnel prior to the beginning of the inventory.

    Inventories will be considered delinquent three (3) days after the scheduled completion date. Delinquent inventories will result in an email notification sent to the AICO within ten (10) days of the due date followed by a letter to the Department Head if the inventory is not received within the time frame established in the email.  Final notification will be by letter to the Department Head with copies to the Associate Vice President and Controller, the Vice President for Finance and Administration, and the Dean of the school or college to which the department belongs. Inventory due date extensions will not be granted unless warranted by extraordinary circumstances.

    Forms/Instructions

    All Property Control Forms can be found at the following site: http://www.busfin.uga.edu/forms/

    Additional contacts

    Property Control Office, 706-542-4390, property@uga.edu

    Policy definitions

    AICO

    Assistant Inventory Control Officer.  This individual is the designated contact within a department or unit for inventory issues, concerns, problems, mail from Property Control, etc.

    Responsibilities

    Responsible University Senior Administrator:Vice President for Finance & Administration

    Responsible University Administrator: Associate Vice President & Controller

    Policy Owner:UGA Property Control

    Policy Contact:Craig Mathews

    Phone Number: 706-542-4390

    Record Retention

    For all assets all documentation should be retained for 5 years after disposition of equipment. [0472-01-005]

    FAQs

    How do I transfer items to Surplus Property?

    Surplus Property, also known as the “Surplus Unit,” “Unassigned Property Unit,” or “Surplus” has created a form for handling the transfer of unneeded equipment.  This form is located on the Administrative Forms website at www.busfin.uga.edu/forms/

    The form is entitled “Surplus Equipment Transfer List” and it requires your signature certifying that any lab items on the listing are free from radioactive, chemical and/or biological hazards.  It also requires an account number should you choose to have Physical Plant Support Services pick up surplus items from your department and deliver them to the surplus warehouse. 

    For what reasons are inventory items deleted from my inventory?

    The most common reasons for deleting items of inventory from the equipment holdings of a department are:

    1. Items are reported stolen.
    2. Items are reported lost, most commonly by way of the annual inventory, and qualify for deletion, i.e., are over five years old.
    3. Items are surplused to the University of Georgia surplus warehouse or to the State Department of Administrative Services.
    4. Items are sold in lots through Surplus Property’s bid process.
    5. In instances where the barcode is reported as missing, a new number is assigned; the old inventory number is no longer used and is deleted from our database.

    How do I go about getting rid of obsolete, useless, broken, and/or unwanted equipment?

    All obsolete, useless, broken, non-functioning, and/or unwanted equipment should be transferred to Surplus Property.

    How do I get items that my department has destroyed removed from my inventory?

    Items that have been destroyed by flood, fire, lightning, etc., can be removed from a department's inventory as destroyed.  This method requires the approval of The Department of Administrative Services and the completion of an Affidavit of Destruction.  If these circumstances fit your situation please call the Property Control Office 706-542-4390.  Departments are not allowed to destroy assets.  Rather than destroy, all other items must be turned in to Surplus Property. 

    What are the recommended steps for transferring a collection of equipment to Surplus Property? 

    1. Make a list.  Use the appropriate Surplus Equipment Transfer form to organize your work. Clearly identify each item you are surplusing. Remember you are trying to get these items off your inventory. Property Control works with bar code numbers.  Record that number on your list.       If the bar code is missing, be sure to provide the serial number.  Mail or FAX your list to Surplus Property at 706-542-4349.
    2. Protect your collection from tampering.
    3. Call Surplus Property (706-542-6983) so that they can make arrangements for the pickup.
    4. Be present when the items are picked up to make sure all items are loaded into the delivery vehicles.

    Expect to receive a receipt from the Surplus Property Unit for the items which were received. Remember: the definition of “surplusing” is: the item was physically received into the Surplus Property Unit at Chicopee.