Inventory

Annual Inventory

Annual Physical Inventory: Per the State of Illinois Central Management Services, Illinois State University must conduct an annual physical inventory of all fixed assets.

To achieve an annual physical inventory of the entire University, each department will receive a current listing of their inventory(s). Each department is responsible for physically locating each item on their inventory list, updating any information on the list, noting any additional inventory that is not on the list, signing and returning the inventory to the Office of Property Control by a date set forth by the Office of Property Control. The information received from each department will be analyzed, processed and reported to the Central Management Services for review.

NOTE***

‘Unfound Inventory Statements’ will be sent out to all departments who cannot locate inventory that meets a criterion set by Property Control. This equipment is typically high dollar, high risk for theft, and recent purchases. The department must complete the Unfound Inventory Statement including an explanation as to why the equipment cannot be located. The form is then signed and returned to Property Control for filing.

All University property is subject to scheduled and unscheduled internal and external audits. Be prepared to provide all inventory for verification.

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