Department Info

Additional Info

Our Goal

• Maintain an inventory system that is accurate and up to date.
• Maintain adequate inventory records.
• Assist Internal Audit in conducting the required physical inventory every two years.

Why is a Capital Inventory System necessary?

1. It is a valuable Strategic Planning tool at the Executive, College, and Departmental levels. It provides a history of capital spending, which tells the campus where it has expended its resources. It provides a detail of the current resources available for operational needs. It also provides a foundation with which to plan future capital expenditures in order to fulfill Strategic Planning directions and objectives.
2. It is the basis for insurance coverage and allows for proper accountability in the case of loss or damage. The State Self-Funded Property Insurance Program requires periodic reports of inventory valuations so proper coverage is maintained on our equipment and supplies, including library books.
3. It is used to compile the annual Summary of Changes in Equipment Inventory which is required by the UW System Financial Reporting Office. This report is used to complete campus asset valuation elements of the UW System Annual Financial Statements.
4. It is the accountability record of all capital equipment on campus.
5. It is used as a basis for establishing reserves for new equipment, comparative analysis of equipment for maintenance and purchasing purposes, and various other management functions.
6. It is used in establishing annual depreciation, in determining the Indirect Cost Rates and in producing accrual based financial reports.

Staff