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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