PRO-U5346.01 Conducting a Physical Inventory of a Department's Assets

Follows internal procedures for identifying Financial Manager (FM) and Asset Control Custodians (ACC) due for a physical inventory.
Emails ACC (cc’s: FM) instructions for conducting a physical inventory with attached asset list.
If no ACC has been delegated or needs to be updated:
1. Sends FM an Asset Control Custodian Delegation e-form to complete, or
2. Sends inventory instructions to Financial Manager if the FM chooses not to delegate ACC role and therefore, assumes the role of ACC.

If no ACC has been delegated:
1. Receives and completes the Asset Control Custodian Delegation e-form based on who delegated as the ACC, and
2. Routes form to delegated ACC to accept role and responsibilities.
If FM chooses not to delegate an ACC, but rather assumes the role of ACC:
1. Follows the steps 6 - 7 of these procedures.

Receives and reviews the instructions noting the deadline.
Follows the instructions that results in a report to Inventory Operations.
Informs financial manager of any missing assets or issues.
Updates department asset inventory log if necessary. See guidelines for Maintaining a Department Asset Tracking System (GDL-U5346.01A).

Reviews report received from ACC.
Reviews report with the Director of Business Services if there are concerns or issues.
If there are missing assets, sends the report with noted issues or concerns to the appropriate Division Budget Officer.
Sends report to Accounting Services (accounting.services@wwu.edu).

Updates the Banner Asset Module to reflect information reported by ACC.
For assets that are grant funded, communicates with Research and Sponsored Programs as deemed necessary.

Addresses, as appropriate, missing assets, and issues and concerns reported by Inventory Operations.

Director of Business Services

November 9, 2020

Procedure Contact

Business Services

Phone: (360) 650-3340