All departments are required to perform a complete inventory of their capital equipment once per year. This process is an important control activity designed to safeguard the assets of the University.

Just in time (JIT) inventory control systems occur when a business holds no stock and instead relies upon deliveries of raw materials and components to arrive exactly when they are needed.

The Office of University Controller has a complete Chart of Accounts that are found in the Finance System. The value of a department’s inventory normally fluctuates due to purchases and sales that ...

Several methods exist for valuing inventory on hand. The university allows First-In, First-Out (FIFO) and Weighted Average methods. There are advantages and disadvantages to both, but each assigns a ...

Capital equipment records are verified at least once every two years to ensure that the inventory records within the asset management system are accurate. Capital equipment inventory verification ...