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Office of Business Affairs
Annual Inventories

Procedures for Annual Inventories

One person in each department should be designated to monitor and report on College property assigned to their department. Primarily this involves an annual inventory and occasional communication with the Property Control Office, usually requiring a total of 2-3 hours annually.

The New York State Accounting System User Procedures Manual directs that each Agency conduct an annual inventory of equipment assigned to the location. Each department is required to maintain control over all assets under its stewardship. Property Control Services will conduct inventories of selected assets and will notify departments when assets assigned to them are scheduled to be inventoried. Changes affecting property condition or location must be reported to Property Control Services by using the Equipment Transfer/Surplus Form. Property Control Services will provide each department with a listing of its equipment.

Up to date inventories are necessary to:

  • To establish property control and accountability in compliance with the rules and regulations as established by the Office of the Comptroller and the State University Research Foundation;
  • To establish a basis for projecting and budgeting asset replacement acquisitions;
  • To establish accountability for increased security against pilferage of vulnerable assets; and
  • To establish a basis for projecting future budgets in support of assets for new or renovated facilities.