1. Fixed Assets Department Physical Inventory August 2016

2. Purpose
The purpose of the annual physical inventory is for all Financial Managers to account for all college property and maintain its location/custodian name up to date in the Banner/Fixed Assets System. (Policy 5130: Fixed Assets)

3. Physical Inventory Report
Department Inventory Report
a. Report is available to run at any time
b. Asset information can be updated anytime
c. It is important to account for all assets in your department

4. STC Inventory Tag Number (Silver Tag) Item description Serial Number
Information To Verify
STC Inventory Tag Number (Silver Tag)
Item description
Serial Number
Location(campus, building and room #)
Financial Manager/Custodian Name

5. Items Not Located
Items not located must have the location updated to “Not Found” (Code 3)
After one year, if the asset is still not found:
The location code must be updated to “Write Off” (Code 4)
After the second year the write off list will be presented to the Board of Trustee for approval to remove the assets from the College’s inventory

6. Surplus Property
All surplus property must be transferred to Becky Cavazos at the Technology Campus Shipping and Receiving Warehouse

7. Fixed Asset Auditor Review
Review of Annual Physical Inventory Report
Will select randomly 3 – 10 financial manager reports to review
Physically Verify the Assets and Location
Several Assets are select throughout the District for physical inspection by the auditor (on report and not on report)

8. Physical Department Spot Check
In addition to completing the yearly physical inventory report, the College/Fixed Assets Department is required to conduct a college property spot check by department.
This process is done to ensure that information provided by the departments is accurate and maintained in the Banner/Fixed Assets System.

9. Fixed Assets Staff Jerry Quintanilla 872-2780
Graciela Barajas
Julio Cuestas