Physical inventories are primarily done on a 100%, wall-to-wall basis for assets
meeting the criteria listed below. For the biennial cycle 2003-2005, the
wall-to-wall method will be utilized. With specific approval from the Director
of the Property Management Office, alternate methods such as sample inventories
may be used for special inventories.
The base records for the biennial
physical inventory are derived from records in Sunflower Assets and the PMO
Materials Tracking System. At least one of the following criteria must be met
for assets to be included in the physical verification and reconciliation during
the biennial physical inventory:
- All sponsor-owned property (equipment or material)
- Stanford-owned capital equipment having a remaining net book value greater
than “zero�BR>(Note, capital equipment having a remaining net book value of
“zero�will be inventoried if encountered, but reconciliation is not mandatory
and the results will not be included in the reports for the biennial inventory.)
- Leased or loaned property for which Stanford University is accountable
In addition to the assets described above, the Sunflower database also holds
many records for property accountable to Stanford University �assets that each
department elects to record and track to facilitate life-cycle management,
enable more effective replacement planning, or sensitive items that need to be
disposed of through the Sunflower excess request process or with Environmental
Health and Safety’s recycling program. These assets will be inventoried if
encountered; however, reconciliation and resolution to missing items in this
category is completely the responsibility of the accountable department or their
DPA. Inventory results for assets in this category are provided as
administrative information only and may be used for trends analysis; they will
not be included in the results of the biennial inventories.
The Physical
Inventory Group, with participation from the DPA, conducts the inventory. Each
asset physically verified during the inventory is marked with an inventory
decal. Preliminary results are reported to the Property Service Representative
(PSR) and the DPA within 3-5 business days after the completion of the initial
sweep through the department or designated area. The DPA will be informed of any
discrepancies and is responsible for providing resolution to each item listed.
PMO will make adjustments to the records if necessary, and take appropriate
actions with the sponsor.
Verification of the existence and
accountability of the property is done through one of the following methods:
- For equipment, electronic scanning of the barcode decal or barcode number
and physical verification of specific attributes (see below).
- For government-owned or furnished material, quantities are verified in a
method appropriate to the type of material.
- Review and data entry from a valid off-campus worksheet (must have been
updated within twelve (12) months of the inventory date), sign-out logs, or DD
1149 forms.
- Documentation in “untaggable�binder/file
- Other acceptable transaction supporting documentation, as agreed to between
the DPA, the Property Service Representative, and the Physical Inventory Group.
Attributes verified and reconciled to the property record include (at a
minimum):
- Equipment barcode number or material part number
- Sponsor ID number, where applicable
- Description
- Manufacturer
- Model Number
- Serial Number
- Location
- Use Status
- Condition
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