The Fixed Asset System is a control over a dynamic environment where locations, conditions, and certain other data elements in the system are constantly changing. State regulation mandates that current and accurate records of all University equipment be maintained. Often changes are not reported to the Property Management Office, therefore it is necessary to conduct a University-wide physical inventory annually to verify and establish the correctness of the Fixed Asset System.

The Fixed Asset System can produce a report FAS080 (Worksheet for Physical Inventory of Assets) which lists all assets by Department. These worksheets are distributed annually to the responsible persons within departments for verification. Items found should be checked, and items on location but not listed on the inventory worksheet should be added to the list on the worksheet with appropriate data elements. Those 'appropriate data elements' would include item number, description, manufacturer, location, serial number and condition. Equipment items valued at five thousand dollars ($5,000) found not tagged should immediately be brought to the attention of the Property Management Office for follow-up.

All inventory worksheets must be completed by the responsible personnel and returned to the Property Management Office. This office will then begin the process of auditing and updating the inventory file for the various changes that have occurred. Revised printouts are then returned to all areas for their departmental files.