Equipment Inventory prepares and submits all closing and annual reports. Occasionally, Equipment Inventory will contact the department for clarification and assistance.

While submitting the closeout property report, Equipment Inventory (working with University research departments) asks the granting agency to vest title with the University. Note: Title never vests with an individual.

Please see the Post Award Fiscal Compliance page for further information.

The Office of Sponsored Programs (OSP) and the sponsoring agency negotiate to determine the ownership of equipment.

Yes. Begining with the 2016 Physical Inventory cycle, we have gone electronic, and urge departments to return electronic documents to us. See the FAQs for the 2016 Physical Inventory cycle for more information.

Pending assets are listed at the end of your inventory. These assets start with a 'P' and have a number such as 'P03118002'. This number is a temporary number assigned to a payment for an asset that has not been properly reported to EIO. Any pending asset represents a problem for your department and must be 'cleared' immediately. You need to find the asset, tag it, and report the model, serial number, custodian, building and room number, and date received to Equipment Inventory so that we can convert it to

No. There is no such thing as a 'due date extension'. If your inventory will be late for any reason, you need to communicate the delay and reason to Equipment Inventory. We will track this information closely and work with you in any way possible, but any inventory turned in after August 31st is Past Due and may be reported to Internal Audit.

You need to verify equipment used at home or out of area with a written document, such as email or a letter. When the person using the asset sends you a written confirmation, you can mark the asset as 'Located'. Keep the written verification in your inventory files for audit purposes.

Government accounting practices include accounting for the depreciation of an asset. However, the 'Total Cost' on all assets remains at the purchase price for the entire time that the item is in use by the University. We are accountable to the tax-paying public for all assets and cannot drop them off the system when they have fully depreciated. Assets are only removed from the inventory system when they are disposed through an approved disposal method.

Yes. A physical inventory of Agency and Federal equipment is required yearly by federal regulations. Physical inventories of University equipment are required every two years ('biennially') by state regulation.

When this occurs, transfer all information from your working copy (or copies) to the original inventory.