A physical inventory of all property must be taken and the results reconciled with the property records at least once every two years. This includes physically verifying possession of the asset as well as ensuring accurate location and custodian data. U-M departments (not including the U-M Health System) are responsible for reporting any changes, including retirement or relocation of equipment, and contact or custodial changes.
Performing the biennial inventory is important for U-M to stay in compliance with federal regulations as well as ensure an accurate asset listing so that the university’s financial statements are properly stated.
Departments must follow the biennial inventory instructions. This procedural document will help you perform a departmental inventory. Information includes field names and descriptions, overview on steps to take, and answers to frequently asked questions.
Financial Operation’s policy states that equipment will only be retired when it has been sold, transferred to another institution, destroyed or scrapped. As part of the biennial inventory process, departments are required to provide the appropriate supporting documentation for any acquisition or retirement of equipment.
U-M units have access to the Asset Management Data Warehouse for their reporting needs. Creating ad hoc queries and using the canned queries in business objects are currently the primary ways to gather asset management data.