Annual Inventory for Capital Assets
This directive establishes the proper methods of administering annual inventory of capital assets. Asset Management will perform inventory of capital assets. Departments are responsible for off-site certifications, inaccessible locations, and locating missing items.
The inventory is performed annually starting July 1st and ending March 31st. The deadlines for departments for completing the annual inventory are as follows:
- Off-Site Certifications – September 30th
- High Risk Departments – November 30th
- STAR and IFAS departments – January 31st
- Main Campus and Health Science Center Departments – March 31st
Reason for Directive
The purpose of this directive is to ensure proper accounting for capital assets and attractive property. The Board of Governors requires the University of Florida to complete an annual physical inventory of all capital assets.
Who must comply?
Asset Management’s Responsibility
Asset Management will perform the annual inventory of capital assets efficiently and completely by utilizing both traditional inventory and advanced inventory methods. You can expect Asset Management to use the following methods while completing the annual inventory for your department:
- Scanning – Asset Management staff will come to your department and use Apple devices to scan the decals on the capital asset(s) (below is an example of a capital asset decal).
- Fuel or Maintenance Logs – Asset Management uses UF Motor Pool fuel and maintenance records to document the existence for the annual inventory.
- Network Connections – IT equipment has the benefit of network connections that can enable an “electronic touch” to each machine. Electronic “pings” can be sent to groups of computers to validate the P.C. to the MAC address. This inventory method is a common commercial practice for IT equipment, and is formally recognized as a standard practice by ASTM International (see ASTM E2132‐11).
- Library Resources – Library Resources use the online public assess catalog as inventory record.
Departments will perform the following actions to support Asset Management in the annual inventory of capital assets.
- Identify capital assets in inaccessible locations, such as in a facility deemed inaccessible due to safety reasons. See the list of inaccessible locations.
- Annually, request Asset Management approval for the department to certify all capital assets in the inaccessible location for annual inventory.
- Complete an Off-Site Certification annually for all UF property that is not located at a UF owned, leased, or used locations, as identified in the UF’s Space Tracking & Reporting System.
- Follow procedures in the Off-Site Certifications Directive to have the property user complete the certification.
- Locate missing capital assets that were not found during the first annual inventory pass.
- Join the Property Listserv. Asset Management uses this listserv to communicate with the campus community on property issues (List Archive is available).
03/31/2023: Reviewed content
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