Capital Equipment Tagging and Physical Inventory Policy

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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:  https://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