Forms

Physical Inventory of Capital Assets

Annual Physical Asset Inventory

The University conducts an annual physical inventory of all tagged assets. Tagged assets include:

  • Capital assets (original acquisition value at or above the current capital threshold of $5,000)
  • Non-capital, sensitive items costing less than $5,000
  • Leased equipment

Property Administration oversees and coordinates the inventory process. Each department is responsible for conducting its own physical inventory and works with Property Administration to complete the count. Upon completion, departments submit their inventory results to Property Administration.

Inventory Process

The physical inventory includes:

  1. Sighting each asset
  2. Verifying location and description
  3. Reporting discrepancies or changes
  4. Reconciling with the University’s fixed asset inventory system

Property Administration will perform spot checks on 15% of each department’s inventory to verify accuracy. Any changes noted in the department’s report will be used to update asset listings. Asset updates can also be made at any time using a PCA form for changes in location or ownership.

Department Responsibilities:

  • Assign a custodial administrator to oversee accurate and timely completion of the inventory.
  • If the custodial administrator leaves, a new administrator must be assigned and Property Administration notified with their name, phone number, and email.

Inventory Timeline:

  • Departments will receive an email from Property Administration with the inventory start date.
  • Inventory must be completed within 30 days of the start date.

Inventory Tasks:

  1. Access reports through Enterprise Reporting
  2. Physically verify each asset
  3. Correct and update missing or inaccurate information

Departments are also responsible for maintaining home-use records for University equipment leaving campus for two weeks or more.

If the inventory report is blank, email NAU-PropertyAdmin@nau.edu.

Running an Inventory Report in Enterprise Reporting Accordion Closed

  1. Ensure you have Enterprise Reporting access.
    • If not, email Reporting@nau.edu to request an account.
  2. Navigate to NAU.edu → Enterprise Reporting Solutions (ERS) → Log In → Document List
  3. Open Public Folders → Financial Management → Purchasing → Asset Inventory
  4. Enter your department’s inventory Speedchart number under “Type Value Here” and click > to run query
  5. Save to Excel and enable editing
  6. Insert a Working Column at the far left
  7. Apply all borders and keep the font no smaller than 10 for readability

The report will contain:

  • Items previously reported missing with PCA forms will show as “MISSING” with the PCA number.
  • Assets without a room number will display “TBP” (To Be Provided). Update locations in red on the inventory sheet.
  • Vehicles are indicated with “G-XXX” in the room number column, corresponding to the garage number from Transportation Services.
  • Do not sort columns or rows; asset numbers must remain in ascending order.

Conducting the Physical Inventory Accordion Closed

  • In the Working Column, all updates must be in RED. Use the following codes:
    • X = Located during current inventory
    • M = Missing (1st or 2nd year)
    • I = Impaired

    Other instructions:

    • Update building, room, or detailed location in RED
    • If an asset tag is missing, indicate “Retag” and verify the serial number
    • Assets found but not on the inventory report should be added at the end with a note “found, not on inventory sheet”
    • For transferred assets, list the PCA number and include the completed PCA form with signatures from both releasing and receiving parties
    • For missing assets, PCA forms must include signatures from Dean/Director and Vice President/Provost. If unavailable, submit the inventory report with a note on when the PCA form will be provided.

Submitting the Inventory

  • Return the completed inventory report within 30 days of the start date.
  • The report must be signed and dated by the department liaison and their supervisor.
  • Property Administration will update assets that were located.
  • Missing assets require PCA forms for two consecutive years to be removed from the active inventory report.

Tagging Services Accordion Closed

Property Administration is responsible for tagging:

  • All vehicles
  • Capital equipment—defined as a single asset with an acquisition cost of $5,000 or more and a useful life exceeding one year
  • Computers that are specifically used in conjunction with a capital asset
  • Assets that belong to a sponsor/grantor

At a department’s request, Property Administration can also tag other items that are not included above, such as cameras, projectors, or easily portable equipment.

To request a Property Control tag for equipment, please submit a Tagging Services Form.

 

Property Administration
Location
Building 98B
545 E. Pine Knoll Dr.
Flagstaff, AZ 86011
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