The University property management system is audited regularly by the Arizona Board of Regents and the Federal Office of Naval Research. The Financial Services Office and the custodial department are responsible for identifying, marking and recording property in the custody, possession or control of the University. In general, all inventorial equipment is marked with a property number, and a property record is promptly created. It shall remain so identified as long as it is in the custody, possession, or control of the University. Such markings and identification are removed or obliterated from the equipment only when sold, scrapped, cannibalized or otherwise disposed of.
Custodial departments are to take physical inventories at least every two years.
The department head or Principal Investigator should verify the existence, current utilization, and continued need for the equipment inventoried. These physical inventories are to by completed in a timely manner. The Financial Services Office will verify the departmental inventories on the basis of statistical sampling, with all departments being sampled at least once every two years. Physical inventories are also performed by the custodial department and the Principal Investigator, upon termination or completion of a government contract. Disposition instructions are requested from the agency by Sponsored Projects Services, as required under the contract.