| Title: | Equipment Tagging and Physical Inventory Policy |
|---|---|
| Policy Owner: | Accounting Office |
| Applies to: | Faculty, Staff and Designated Affiliates |
| Campus Applicability: | Storrs and Regional Campuses |
| Effective Date: | September 15, 2021 |
| For More Information, Contact | Associate Controller & Director of Accounting |
| Contact Information: | (860) 486-1366 |
| Official Website: | http://accountingoffice.uconn.edu/ |
PURPOSE
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 must be 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.
ENFORCEMENT
Violations of this policy or associated procedures may result in appropriate disciplinary measures in accordance with University By-Laws, General Rules of Conduct for All University Employees, and applicable collective bargaining agreements.
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.
POLICY HISTORY
Revisions: July 1, 2015; Review and editorial revisions effective September 15, 2021