South Texas College Physical Inventory Business Office AA Round Up

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Presentation transcript:

South Texas College Physical Inventory Business Office AA Round Up March 21, 2018

Annual Inventory The purpose of the annual physical inventory is for all Financial Managers to account for their program/department College property and to keep the location and custodian name up to date in the Banner Finance/Fixed Assets. (STC Policy 5130: Fixed Assets)

Physical Inventory Report Department Argos Report Inventory reports are available to run at any time Asset information can be updated anytime (location, custodian, and organization) It is important to keep all department asset information up to date

Information To Verify STC Inventory Tag Number (Silver Tag) Item description (Notify Fixed Assets to update) Serial Number Location (campus, building and room #) Financial Manager/Custodian Name

Items Not Located Items not located must have the location updated to “Not Found” (Code 3) After the second year that the asset is “Not Found”, the Fixed Asset Department will request approval from the Board of Trustees or President to have the asset removed from the College’s inventory. A write off (Code 4) can be requested for software that is no longer in use or will not be renewed.

Surplus Property All surplus property should be transferred to Financial Manager Becky Cavazos The location must be the Technology Campus Shipping and Receiving Warehouse

Fixed Assets Auditor Review Review of Annual Physical Inventory Report The external/internal auditors will review inventory reports for at least ten (10) financial managers annually They will visit with the Financial Manager(s) to review their verification process and to physically see the assets and confirm the location They will also verify that assets located at the department are listed on the inventory report

Inventory Spot Checks In addition to completing the yearly physical inventory report, the Fixed Assets Department staff is required to conduct spot checks for various departments annually. This process has been requested to be completed by the College’s auditors.

Fixed Assets/Inventory Staff Jerry Quintanilla, Receiving and Distribution Services Manager 872-2780 Graciela Barajas, Coordinator of Fixed Assets and Distribution Services 872-2787 Marcos Perez, Fixed Assets Specialist 872-6176 Arturo Ambriz, Fixed Assets Assistant 872-2784

Annual Physical Inventory Timeline --Run Inventory Report the week of Monday, April 2nd and begin the verification process -- Complete the verification process and online certification by Friday, May 18th

Fixed Assets Department Questions Thank you