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.
Please refer to the University of Washington's records retention policies for information (found here).
EIO will be conducting Brown Bag lunch sessions for the 2016 Physical Inventory cycle. In addition to that, we have how-to information available on our website, and here in the FAQs.
Physical inventories of University-owned equipment must be completed by University departments every two years and are distributed during January. The listings are sent to the departmental inventory contacts, as listed with EIO (Equipment Inventory Office). Physical inventories of Federal-owned and Agency-owned equipment must be taken annually. Audits of the physical inventories taken by departments are performed annually by various state, federal, private, and internal auditors.