State law requires that a complete physical inventory be conducted each fiscal year. UNT and UNTS will conduct the annual inventory in the months of May, June, and/or July each year. Asset Management will send the instructions on how to pull the inventory during the last week of April. Upon completion (due no later than the 31st of July or the last business day before the July 31st) an Annual Physical Inventory Certification is signed by the Department Manager (EIS) and the designated inventory coordinator and returned to Asset Management.
Tips and Techniques:
- Having current, accurate location and custodian of each asset in EIS is paramount. Upkeep of this information by the Designated Inventory Coordinators 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)
- Asset inventories should, but not mandatory, 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.
- Utilize the AM Self-Service platform and/or the Query Manager to generate a report of all assets under your DeptID.
- Mobile offsite items must physically return to campus during annual inventory, unless determined otherwise and notified by Asset Management.
- Inventories are not complete until all supporting documentation and the summary sheet are turned in and accepted by Asset Management.
- 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.
- 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 computers, smartphones, tablets, drones, sound systems/audio equipment, cameras, TV's, video players, data projectors, and firearms. Firearms, computers, and drones will be tracked regardless of value.