Changes to the Biennial Physical Inventory Process for 2019-2021

April 1, 2019 begins the next biennial cycle for the physical inventory process. During this cycle, Capital Accounting will schedule and conduct the biennial physical inventory at the department level; in prior years, the inventory was conducted at the Equipment Custodian level.

This change is a part of an effort to increase the visibility for departmental stakeholders into a key internal control that safeguards our equipment. The change in scheduling methodology will allow departments to better coordinate and track equipment inventory activities with Equipment Custodians within their departments.

Equipment Custodians should consult the Physical Inventory Custodian Schedule for the 2019-2021 cycle, now available on the Controller's Office website. The searchable schedule identifies the roll-up to the department level (using the Level 2 Dept ID) and corresponding schedule dates. For more information on department tree reporting, see the Chart of Accounts: Dept ID quick reference guide.

Each division's Financial Administrator will be included in all future communications during the physical inventory process (including initial inventory requests, disposal of equipment, and final inventory certifications). Consistent with BFB-BUS-29, Management and Control of University Equipment, the Equipment Custodian continues to be responsible for ensuring that all equipment is accounted for, for accurately reporting equipment information, including updating of current condition, and for submitting their findings within 45 days.

In compliance with BFB-BUS-29, Capital Accounting & Reporting shall inform the department's Control Point of any department over 90 days delinquent in completing its physical inventory.

Additional guidance on performing physical verification of capital assets and equipment custodian responsibilities are available on the Controller's Office website. If you have questions regarding the biennial physical inventory process, please contact [email protected].