Annual Inventory Procedures

Annual Inventory Procedures

Inventory Worksheet Return

Inventories are to be completed and returned within 60 days after they are mailed from Property Accounting.

If inventory is not returned by due date:

  • Two weeks after due date, request for return is e-mailed to Inventory Controller.
  • One month after due date, e-mail with a new return due date is sent to Responsible Person (Chair, Dean, Director, Manager, etc.). University Controller will write a letter to Responsible Person asking for inventory return
  • Two months after due date, e-mail is sent to Cognizant Vice President asking for inventory return. University Associate Vice President for Financial and Business Services will write a letter to Cognizant Vice President requesting immediate resolution
  • If inventory is still not returned, the Associate Vice President will involve the Vice President for Administrative Services to discuss with Cognizant Vice President

INVENTORY ITEMS LOST

When an inventory is returned with items declared as lost, the Authorization to Write Off Equipment process begins. A letter is written to the Responsible Person, copied to the Inventory Controller and requires signatures from Department Head, Dean, and Cognizant Vice President. The process must be completed within 30 days after the write off authorization letter and forms are mailed from Property Accounting.

  • Two weeks prior to due date, reminder by phone goes to Inventory Controller

If Authorization to Write-Off letter and completed forms are not returned by due date:

  • Two weeks after due date, request for return is e-mailed to Inventory Controller and Responsible Person
  • One month after due date, e-mail is sent to Responsible Person asking for Authorization return. University Controller will write a letter to Responsible Person asking for authorization return
  • Two months after due date, e-mail is sent to Cognizant Vice President asking for Authorization return. University Associate Vice President for Financial and Business Services will write a letter to Cognizant Vice President requesting immediate resolution
  • If Authorization is still not returned, the Associate Vice President will involve the Vice President for Administrative Services to discuss with Cognizant Vice President

Questions regarding this rule may be directed to Property Accounting at 581-3973.