Capital Equipment Tagging and Physical Inventory Policy

Title: Equipment Tagging and Physical Inventory Policy
Policy Owner: Robin Hoagland
Applies to: Faculty, Staff and Designated Affiliates
Campus Applicability: Storrs and Regional Campuses
Effective Date: July 1, 2015
For More Information, Contact Robin Hoagland
Contact Information: (860) 486-3780
Official Website:  http://accountingoffice.uconn.edu/ 

REASON FOR POLICY

Accurate records of the location of University equipment are vital for compliance with the State of Connecticut Property Control Manual and for the proper valuation on the University’s financial statements.  A physical inventory will be completed in accordance with Section 4-36 of the General Statutes of Connecticut.

APPLIES TO

This policy applies to faculty, staff and designated affiliates of the University of Connecticut, Storrs and Regional Campuses.

DEFINITIONS

Capital Equipment – tangible, non-expendable, personal property having an anticipated life of one year or more with an acquisition cost of $5,000 or greater.

POLICY STATEMENT

All capital equipment must be tagged with a University barcode at the time of receipt and a physical inventory completed annually.  Departments are responsible for assisting the Accounting Office in this process including recording moves of equipment, by updating the equipment data in the financial system.

PROCEDURES/FORMS

Please see http://accountingoffice.uconn.edu/policy-procedures-general/ for general information on Inventory Control, http://accountingoffice.uconn.edu/equipment-tagging/ for information on tagging equipment and http://accountingoffice.uconn.edu/equipment-count-physical-inventory/ for information on the annual physical inventory of equipment.