University of Arkansas at Little Rock
Policy Name: Annual Inventory
Policy Number: LR 305.1
Effective Date: May 2, 2010
The annual inventory process is an essential part of fulfilling compliance with state requirements that hold the university responsible for safeguarding all of its equipment. The purpose of a physical inventory is to verify the existence and condition of equipment and ensure the accuracy of university accounting records. UA Little Rock has established this process to ensure that the inventory of equipment results in verification of the university’s assets.
Each department will conduct an inventory of its equipment and property on an annual basis, according to the procedures set forth hereafter. Property Accounting, a division of Financial Services, is responsible for maintaining accurate records of equipment and property. Legislative Audit tests the process that UA Little Rock has in place to fulfill this responsibility and reports on the degree to which this responsibility is accomplished. Custody and proper use of equipment is the responsibility of the various colleges and departments where the property is assigned. University employees have stewardship responsibilities for university property assigned to the employee. UA Little Rock expects each department to actively participate and complete their inventory process in a manner that demonstrates accountability for university property.
Source: Vice Chancellor for Finance and Administration, March 2009
Revised: May 2, 2010
Approved By: Associate Vice Chancellor for Finance Steve McClellan
Custodian: Office of Finance and Administration