The University inventory is conducted annually and consists of the Buyer/Fixed Asset Coordinator producing reports of capital items. These reports are sent to the "responsible person," where the asset is located in each University department.

Capital assets are separated into three sections: Items valued (1) $5,000 to $7,500, (2) $7,500 to $10,000 and (3) $10,000 and greater.

Once the reports are returned to the coordinator, necessary changes are made. The changes normally consist of new locations, added items, disposed items, sold items, or items in storage. The coordinator makes necessary changes on the Fixed Asset Control System.

Results of the inventory are kept for auditors to review.