Perpetual Inventory
A
biennial inventory of capital assets is
required by Federal costing regulations.
Financial Records Services currently employs a
perpetual inventory to comply with those
regulations. The perpetual inventory entails that only a select group of
Responsibility Centers are inventoried at any one
time. At the end of the two-year cycle, the
inventory will be complete for the entire
University community and a new cycle will begin.
Assets inventoried are divided into two groups
based upon acquisition cost, relation to Federal
sponsored programs, and existing book value. The
first group, key items, are assets with an
acquisition cost greater than $50,000 regardless
of location and assets with an acquisition cost
between $10,000 and $50,000 that are located in
research rooms. The second group of assets, desk
review items, have an acquisition cost between
$10,000 and $50,000 in non-research locations or
an acquisition cost between $2,000 and $10,000
regardless of room function.
Resources
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