How to Complete Physical Inventory
This article outlines the essential components involved in conducting biennial physical inventories of all inventorial equipment under the care, custody, or control of the University of California. It provides insights into the procedures and requirements for efficiently managing and maintaining an accurate inventory of university assets.
- The University of California is required to conduct biennial physical inventories of all inventorial equipment in the care, custody, or control of the University of California.
- Physical inventories of Government-owned inventorial equipment will also be conducted biennially, unless otherwise specified in the agreement.
- Custodial Departments are responsible for conducting physical inventories, subject to verification by Equipment Management.
- Inventorial Equipment is required to be tagged with a UCID number and tracked throughout its life-cycle while in the care and custody of UC San Diego.
- As specifically required, physical inventories will also be conducted upon agreement (i.e. Award) completion or termination.
- The accuracy and completeness of the physical inventories submitted by Custodial Departments will be subject to review and audit by Equipment Management.
- This review and audit may include various sampling techniques, including statistical, stratified, judgmental, and purposeful or other sampling or testing methods.
- Reporting of physical inventory results will be submitted as required by the agreement, to the cognizant Contracting Officer or other authorized representative.
Notification to Start your Inventory:
- Department Equipment Custodians and Administrators will receive a general notice by email informing them that a new inventory cycle has started. Each FinU's Department Equipment Custodian will receive an email letting the department know to begin their inventory and a timeline of when to complete the inventory. Attached to the email will be a "How-to" guide for validating assets and completing the inventory.
- Upon completion, an email will be sent out to departments that were selected for sampling. We will then schedule a time to meet with you for us to physically verify the assets on the sample list.
The inventory process is comprised of:
- 100% Department Inventory Validation
- Ensure UCID is affixed and visible
- Review all data in the CAMS asset detail and update if necessary (Make, Model, SN, Building, Room, PI/Custodian, Location Notes, Description)
- Validate asset in CAMS
- Random Sample Check by Capital Equipment Management
- Follow-Up if needed
Contact Equipment Management for assistance with developing an inventory process by submitting a ticket.