Policy 5303 – Annual Inventory Process

Revision Date: 9/25/2017

Responsible Office: Property Officer

In accordance with State Property regulations, Louisiana Tech will conduct an annual
campus wide inventory. It is the responsibility of all university employees to assist
as necessary to insure that the inventory is as accurate as possible. Below are the
general procedures relating to the inventory process.

The annual inventory process begins October 1 each year. Each department will be given
a copy of their inventory and is required to locate all items. The completed inventory
will be due in the Property Office three (3) weeks later.

  1. Each tag number should be checked against the actual equipment. Any changes / corrections
    must be noted.
  2. Check carefully any tagged equipment in the department that is NOT on the inventory
    list. Reports these items on a separate sheet of paper and return with the inventory
  3. Be especially watchful for tag numbers coded “99__”. These are missing items. LOOK
    for this equipment and report any “found” items.
  4. Report any unlocated inventory. An explanation of what is believed to have happened
    to that equipment MUST BE returned to the property office and will be the explanation
    submitted to the division of administration.
  5. The completed inventory must be signed by the department head. The department head
    signature attests that a complete physical inventory has been accomplished and is
    correct to the best of his/her knowledge.
  6. Request replacement property tags for any unreadable or missing tags. 
  7. In accordance with Louisiana Tech and State Property regulations, departments 58-Livestock,
    90-Dairy cattle, and 117-Equine Science must annually re-appraise livestock acquired
    by birth and used for breeding, dairy, or experimental purposes. The fair market value
    is then adjusted on the inventory.

After completed inventories have been returned, the property office will compile a
list of missing equipment for each department (if applicable.) A ”second search” should