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

Policy
Purpose: 

Property Accounting Services 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: 

In 2005, the Comptroller’s Office took over the responsibility for applying barcode tags to moveable equipment that meets the University’s capitalization threshold of $5,000. The purpose of this change in policy was to improve the accuracy and timeliness of the University’s moveable equipment data. Under the current policy, the Property Accounting Team contacts 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 Comptroller’s Office Property Accounting team 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 Property Accounting Team during our annual site visits. Each year the Comptroller’s Office Property Accounting team will develop a tentative site visit schedule to accommodate for possible departmental time conflicts.

During FY2008, in addition to re-scanning the asset barcodes, the Property Accounting team will also be taking photographs of each capital asset.

Contact: 

comptroller@ku.edu
Ph (785) 864-5975
Fax (785) 864-5829

Approved by: 
Office of the Comptroller
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
Review, Approval & Change History: 

Approved in January 2005.

Financial Categories: 
Equipment & Inventory

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