The Physical Inventory is performed on a biennial basis during the first quarter of the appropriate year in order to verify the existence and current utilization of capital equipment owned by the University, as well as Government-owned property. The Department Property Custodian, the Principal Investigator, or their designee, in conjunction with the Equipment Management Department conducts the Physical Inventory. In addition, inventories may be required to be performed at the close of a sponsored agreement or when warranted. The Property Custodian or the Principal Investigator is responsible for verifying the condition, location, existence and current utilization of the equipment directly on the listing.
Most federal agencies have their own reporting forms, requirements and deadlines for annual reports.
If required, immediately upon termination or completion of a Government contract or grant, the Equipment Management Department will perform a physical inventory of all government equipment applicable to the contract or grant and ensure that it is reconciles to the official University financial records. This will be done in coordination with the Principal Investigator or their designee. This report will include a complete equipment listing and certification as to the quality and quantity of all items of final inventory.