A.  SUMMARY OF ADMINISTRATIVE PROCEDURE

This policy explains the inventory process for capitalized equipment.  An on-going physical review and identification procedure is required under the supervision of the USNH Property Control Office.

1.      Definition of the Inventory Process:   An inventory is a verified listing of all capitalized pieces of moveable equipment administered by a department.  USNH Property Control relies on the department to review and verify all data on the biennial inventory reports for accuracy and completeness.

2.      Why is the Inventory Process Necessary?  Inventorying is an important and necessary requirement for sponsor funding, internal budgeting, and annual federal and financial audits.  It is government policy to physically inventory government owned assets annually, and part of a good internal control system includes the performance of regular inventories.

3.      Responsibility:  The department chair, dean, director, project director, or business manager is responsible for the accuracy, completeness and timeliness of the department inventory.

4.      Inventory Requirements:  Physical inventories are required to be taken and reconciled per OMB circular A-110 at least once every two years.

B. Detailed Operating procedure

1.      Biennial Inventory:   Biennially, inventory reports are distributed to designated department contacts by USNH Property Control.  The designated contact must personally verify the existence of every item and validate every attribute on the report and sign the attestation statement attached.  The department’s responsible person must return the completed inventory to the USNH Property Control Office within 60 days of receipt.

2.      Annual Inventory:   Annual inventories are performed by USNH Property Control for all government titled items.