The Property Management will conduct an independent physical inventory of assets for each department to ensure control and disposition of assets. The Property Management physical inventory schedule will be based on a three-year cycle.
At the beginning of a Fiscal Year, the Property Management will contact the appropriate administrator, for departments identified for the physical inventory for that specific fiscal year, to determine the specific timeframe to conduct the physical inventory.
Campus departments will be notified prior to the Property Management conducting the physical inventory. The Property Management will forward an email notification to the appropriate administrator. The notification will include the listing of inventory and the scheduled timeframe of the physical inventory. The Property Management will coordinate the physical inventory with the department property officer.
Upon completion of the physical inventory, the Property Management will forward a preliminary inventory report to the department property officer identifying any discrepancies. Any assets on the inventory listing which are not found by the Property Management or any assets found by the Property Management but not currently on the inventory listing will require submittal of the appropriate documentation as defined in the Property Management procedures. Upon resolution of the discrepancies, the Property Management will forward a final inventory report to the department property officer and the Appropriate Administrator. A physical inventory summary report will be provided to the AVP of Finance.