The Plant Fund Accountant must affix property identification tags to all items of non-expendable property. All items valued at five thousand dollars ($5,000) or more will be tagged and added to the appropriate departmental inventory listing.
The Division of Accounting and Financial Services conducts a campus physical inventory on an annual basis. This annual physical inventory is an auditing tool to verify and track changes and/or additions to University owned equipment and furnishings. Announcements are posted on EKU Today to notify each building when an Accounting and Financial Services representative will be conducting their physical inventory. When an inventory is scheduled, departments/divisions are asked to ensure that someone is available to provide access to assets in their area.
Beginning in fiscal year 2014, the University’s inventory process will change. An accounting employee will inventory assets on a rotating schedule every 3 years. If assets in your area are not inventoried by accounting for the current fiscal year, each department will be responsible for completing their own inventory. Inventory Check Lists will be emailed out during January. These will need to be completed, signed, dated, and returned to the Plant Fund Accountant in Accounting- Coates CPO 3A by April 30.
The Plant Fund Accountant needs to be informed, in writing on an on-going basis, of all changes in the status of physical inventory. These changes may include the movement of equipment and/or furnishings from one location to another, the return of equipment to the vendor, or the replacement of destroyed or lost inventory tags. The inventory "Surplus" and "Transfer" Forms are available on EKU Forms. Any questions regarding inventory should be directed to the Plant Fund Accountant.