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Policy 5303 – Annual Inventory Process

Revision Date: 03/16/2022
Last Reviewed Date: 03/16/2022
Responsible Office: Property Officer

Policy

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.

Definitions

Not applicable.

Procedures

The annual inventory process begins October 1 each year. Each cost center 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 cost center 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 with an Unlocated year. 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 cost center head. The cost center 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 cost centers with livestock 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 cost center (if applicable.) A “second search” should be conducted for these items. EVERY EFFORT MUST BE MADE TO LOCATE MISSING INVENTORY.

Policy 5303 – Annual Inventory Process

Revision Date: 03/16/2022
Last Reviewed Date: 03/16/2022
Responsible Office: Property Officer

Policy

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.

Definitions

Not applicable.

Procedures

The annual inventory process begins October 1 each year. Each cost center 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 cost center 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 with an Unlocated year. 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 cost center head. The cost center 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 cost centers with livestock 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 cost center (if applicable.) A “second search” should be conducted for these items. EVERY EFFORT MUST BE MADE TO LOCATE MISSING INVENTORY.