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Annual Inventory (Original Asset Value $5,000 or greater)

Policy
Purpose: 

The Controller's Office is responsible for distributing all state and university asset management policies and procedures across campus, including but not limited to the routine inventory of University of Kansas assets.

Applies to: 

University of Kansas Departments responsible for assets with an original cost of $5,000 or greater.

Campus: 
Lawrence
Policy Statement: 

The Controller's Office is reponsble for applying barcode tags to moveable equipment that meets the University’s capitalization threshold of $5,000. The Controller's Office will contact department coordinators monthly in order to locate, barcode and photograph recently purchased items.

Kansas Statutes require us to file an annual report of permanent property in the custody of the University of Kansas. To fulfill this request, the Controller's Office conducts the University’s annual equipment inventory of equipment over $5,000 required by the State. The annual inventory of non-research departments occurs in the Fall semester whereas the annual inventory of research-intensive departments – including both KU and KUCR assets – occurs during the Spring semester.

Equipment coordinators assigned to each department are expected to assist the Controller's Office during our annual site visits. Each year, the Controller's Office will develop a tentative site visit schedule to accommodate for possible departmental time conflicts.

Contact: 
Financial Services - Property Accounting
1246 West Campus Road
Carruth O’Leary Hall
Lawrence, KS 66045
785-864-3066
 
Financial Reporting Services
785-864-3321
Approved by: 
Controller
Approved on: 
Saturday, January 1, 2005
Effective on: 
Saturday, January 1, 2005
Review Cycle: 
Annual (As Needed)
Background: 

The purpose of this change in policy was to improve the accuracy and timeliness of the University’s moveable equipment data.   

Keywords: 
Moveable equipment, barcodes, Property Accounting, Equipment Coordinators
Change History: 

07/13/2022: Replaced Financial Analysis and Reporting Office with Controller’s Office.
04/14/2021: Updated Contact and Approver from Comptroller to Financial Analysis and Reporting.
01/2005: Approved.

Financial Categories: 
Equipment & Inventory

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