{"id":10,"date":"2018-06-21T03:27:12","date_gmt":"2018-06-21T10:27:12","guid":{"rendered":"http:\/\/vendor.hub.wp.nau.edu\/property-administration\/physical-inventory\/"},"modified":"2026-07-01T14:27:02","modified_gmt":"2026-07-01T14:27:02","slug":"physical-inventory","status":"publish","type":"page","link":"https:\/\/in.nau.edu\/property-administration\/physical-inventory\/","title":{"rendered":"Physical Inventory of Capital Assets Inventory procedures"},"content":{"rendered":"

Physical Inventory of Capital Assets<\/h1>\n

Annual Physical Asset Inventory<\/h2>\n
The University conducts an annual physical inventory<\/strong> of all tagged assets. Tagged assets include:<\/p>\n
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Capital assets<\/strong> (original acquisition value at or above the current capital threshold of $5,000)<\/li>\n
Non-capital, sensitive items<\/strong> costing less than $5,000<\/li>\n
Leased equipment<\/strong><\/li>\n<\/ul>\n
Property Administration<\/strong> 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.<\/p>\n
Inventory Process<\/h2>\n
The physical inventory includes:<\/p>\n
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Sighting each asset<\/strong><\/li>\n
Verifying location and description<\/strong><\/li>\n
Reporting discrepancies or changes<\/strong><\/li>\n
Reconciling with the University\u2019s fixed asset inventory system<\/strong><\/li>\n<\/ol>\n
Property Administration will perform spot checks on 15% of each department\u2019s inventory<\/strong> to verify accuracy. Any changes noted in the department\u2019s 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.<\/p>\n
Department Responsibilities:<\/strong><\/p>\n
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Assign a custodial administrator<\/strong> to oversee accurate and timely completion of the inventory.<\/li>\n
If the custodial administrator leaves, a new administrator must be assigned and Property Administration notified with their name, phone number, and email<\/strong>.<\/li>\n<\/ul>\n
Inventory Timeline:<\/strong><\/p>\n
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Departments will receive an email from Property Administration with the inventory start date<\/strong>.<\/li>\n
Inventory must be completed within 30 days<\/strong> of the start date.<\/li>\n<\/ul>\n
Inventory Tasks:<\/strong><\/p>\n
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Access reports through Enterprise Reporting<\/strong><\/li>\n
Physically verify each asset<\/li>\n
Correct and update missing or inaccurate information<\/li>\n<\/ol>\n
Departments are also responsible for maintaining home-use records<\/strong> for University equipment leaving campus for two weeks or more.<\/p>\n
If the inventory report is blank, email NAU-PropertyAdmin@nau.edu<\/strong>.<\/p>\n\n
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