The State Auditor’s Office requires UNC General Administration to complete an annual inventory of all fixed assets. To efficiently and effectively complete the inventory, The UNC-GA and UNC_TV Fixed Asset Officers each coordinate and implement the fixed asset physical inventory for their respective entities, divisions or programs. Departments are required to complete and submit the inventory worksheets to their respective Fixed Asset Officer each year by March 31st. To assist departments with the execution of this annual audit requirement, we have provided the following instructions:
1. Division heads and program managers assign one individual from their division or area to coordinate the inventory for their organization.
Each inventory coordinator should:
· Separate the inventory worksheets and distribute them to section chiefs for inventory of their sections.
· Confirm that the inventory worksheets are properly completed and signed by the individual conducting the inventory. Sign each worksheet and return them to their respective Fixed Asset Officer: Priscilla Smothers (919-843-5164) - UNC-GA’s Fixed Asset Officer or Michael Mills (919-549-7000) - UNC-TV’s Fixed Asset Officer.
· The Fixed Asset Officer will conduct individual inventories of the Spangler Center, and the President’s Residence.
Please note: The assigned coordinator should immediately contact their respective Fixed Asset Officer, if there are questions regarding the inventory process.
Section chiefs will be responsible for:
· Assigning an employee(s) to perform the inventory of their section.
· Providing the detailed instructions to their team(s) and ensuring the inventory is properly conducted.
2, The Fixed Asset Officer will submit each area’s inventory worksheets to their respective inventory coordinator. If the inventory coordinator should find worksheets that do not belong to their area, the worksheets should be promptly returned to their respective Fixed Asset Officer for redistribution.
3, The Fixed Asset Officer or inventory coordinator will complete each inventory worksheet as follows:
a. Verify each item and its location by placing a check mark beside the corresponding asset number on the worksheet. Visibly verify that the numbers (asset number, serial number, model number) on the equipment agree with the numbers on the worksheet.
NOTE**Leased equipment is not property of the University. Therefore, any leased equipment (computers, etc.) will not appear on any of the worksheets. Please do not add any
of this equipment to your worksheets since it does not belong to UNC.
b. Add any items found in a section’s area that are not listed on the bottom of the inventory worksheet corresponding to its present location. If applicable, be sure to provide all required data, such as asset number, description, condition and serial number (i.e. #015577, Compaq Computer, New, S/N 58974CFGHT-345).
Note: The only assets that should be listed on the inventory worksheets are University assets valued at $5,000 or more.
c. Make a concerted effort to locate all equipment assigned to your area. For assets listed on the inventory but not located in the room being inventoried, the following options (below) are available. Keep in mind, if you are unable to locate an item, the office representative (occupant) should know the assets correct location.
· If the correct location is known, write the current room/cubicle location in the field labeled “comments”.
· If the correct location is not known, please provide a written explanation at the bottom of the inventory listing. This explanation should include the date the asset was last in custody and the circumstances regarding its removal.
· If the item is “missing” (alleged stolen), provide the date a security report was filed at the bottom of the appropriate worksheet.
Note: Missing equipment is subject to investigation by the UNC-GA Fixed Asset Officer and local police authorities, and you must file a security report for any items determined to be missing.
d. Make notations in the “comments field” regarding the location of any assets housed in an employee’s home or any other personal off-site location. If equipment maintained in an employee’s home is not listed on the worksheet, the employee must provide the asset number, description, condition and serial number of the asset(s) at the bottom of the worksheet which corresponds with the employee’s room/cubicle number.
e. List any fixed assets on loan to another UNC operation, another state agency or other organization on the worksheet for the workspace of the employee responsible for the loaned items. Indicate in the “comments” section the assets’ status as “on loan” and provide the actual location of the loaned assets at the bottom of the appropriate worksheet (i.e. General Assembly, Room 100). Any assets on loan to another state agency or organization not shown on the inventory worksheet must be added. With these cases, please provide the asset number, location, description, condition and serial number.
Note: Equipment purchased by UNC cannot be permanently transferred to another governmental entity or organization. However, equipment may be sold to other entities through the State Surplus Property Office.
4. An audit of each area’s inventory will be performed by the UNC-GA and UNC-TV Fixed Asset Officers to ensure the validity of the inventory. If the audit indicates the quality of the inventory performed by a section is poor, the entire inventory for that area may need
to be reperformed. The Fixed Asset Officer will maintain an official copy of the completed annual fixed asset inventory records for three years following the annual inventory audit.
5. When the inventory is complete and the fixed asset data files are updated, a copy of the inventory listing will be provided reflecting all adjustments made as a result of the inventory.
6. Questions should be addressed to the appropriate Fixed Asset Officer: Priscilla Smothers (919-843-5164) - UNC-GA’s Fixed Asset Officer or Michael Mills (919-549-7000) - UNC-TV’s Fixed Asset Officer.