Yearly Inventory Listings

Departmental Property Managers are furnished with a listing of all property assigned their department.  This listing should be reviewed and compared with list from the prior year.

The property manager should write-in any items received since last inventory which are not indicated on the new listing. Also, make the necessary notations beside those items which have been returned to Inventory or transferred to another University department.  To comply with Federal regulations, the condition of the item also needs to be considered and noted.  Three pre-defined condition classifications can be used.  They are as follows:


  • Operating without problems
  • Physical condition/appearance is good (possibly a few minor scratches but nothing cracked/broken).
  • No visible wear and tear or minor flaws.  Requires only routine maintenance.


  • Operates with minor functional problems
  • Shows signs of wear and tear (dents, scratches, nicks, blemishes, discoloration, etc.)
  • Requires more than routine maintenance


  • Rather beaten up (highly visible scratches, cracked, broken/missing parts)
  • Some functional problems or not operating as designed
  • Requires frequent repairs or maintenance

A signed copy including any changes must be returned to Inventory within the time specified on the listing. Inventory will update SAP with changes. Departments should review listings in SAP prior to fiscal year end to ensure assets are properly recorded prior to financial statement audit.

Biennial Inventory Audit

Every two years Inventory will audit the departmental inventory by performing a physical inventory inspection. These inventory listings are subject to review by state and federal auditors and must be accurate.