University of Connecticut University of UC Title Fallback Connecticut

Policy & Procedures – Equipment Count (Physical Inventory)

Equipment Count (Physical Inventory)

Inventory Control will notify departments 30 days in advance of the scheduled physical inventory. The Inventory Control Specialists and individual department personnel perform physical counts of all equipment on an annual basis. These counts confirm the existence and location of equipment and that the equipment is in use. This process is aided by the use of scanners that read the barcodes on the University tags affixed to the equipment. Inventory Control Specialists compare the equipment located in each department with the information in the fixed assets system. They have corrections made to the fixed assets system for location, serial number, model number, etc. Any new items, which are not in the fixed assets system, will be added to the system as a result of this verification process.

Equipment listed in our database that is not found during the verification process will be identified and the list submitted to the department on a Missing Inventory Report (previously called Exception Report). The departments will be given a specific amount of time to reconcile the missing items based on the size of the report.

Total Number of Assets in Missing Inventory Report Number of Days to Reconcile Missing Inventory
1 – 50 15 days
51 – 100 30 days
101 – 500 45 days
500 – Over 60 days

Inventory Control Specialists and other Inventory staff are more than willing to work with the departments to locate the missing equipment. We will do what we can to organize the lists to expedite the process or visit the locations to re-scan areas if the department makes a request. Missing Inventory Reports often contain many personal computers which are easily transferred between departments or buildings, and perhaps our records simply need to be updated for the correct department and / or location (building and room number). Please indicate any of these changes on the Missing Inventory Report and return it to Inventory Control. In addition, many of the items on the Missing Inventory Reports may be laptop computers and may be temporarily located off of State property. If this is the case, University policy states that a request for the loan of equipment should be filed with our office. This process is done using the Equipment Loan e-doc in the Kuali Financial System. Any information on the location of any of this equipment would be helpful to us, including ACT-39 numbers or other historical information.

The department can receive a copy of the final equipment inventory list upon request. The capital asset management module in KFS contains information that can help management plan replacements to existing equipment. The system has acquisition dates, estimated useful lives, net depreciated values, and other useful information. The information may help identify a product that was of superior value because it exceeded the estimated useful life or may help plan replacements of computers based on acquisition date and estimated useful life. This information is available to departments based on a request or using the Asset Look-up screen.