All departments are required to complete a physical inventory based on University, State and Federal policies on an annual basis. Department heads must designate an individual as the department's fixed assets coordinator whose responsibility is to conduct a verification of their department's equipment inventory.
Fixed Assets is currently using two methods for verifying departmental inventories using Sunflower, our fixed asset system:
Departments will be notified if they are selected for a scanned physical inventory. All other departments will receive the traditional “paper” inventory report.
Traditional Inventory Process
|Sunflower Inventory Report will be mailed to each department’s fixed assets coordinator along with instructions, descriptions of Sunflower Report fields, alphabetical and numerical building lists, and Equipment Certification report for signatures. It is the responsibility of the fixed assets coordinator to physically locate each asset by tag number and verify that the serial and model numbers, along with building and room numbers are correct. Room and building changes can simply be changed on the report but please keep in mind that transfers to another department can only be processed if supporting documentation has been provided (an EICR). If an item cannot be found, it is identified by writing "missing" in the comment field of the asset. Once the physical inventory is completed, the fixed assets coordinator signs the Equipment Certification form under "prepared by" and includes his/her phone extension, email and MSC. The form and Sunflower Inventory Report are then given to the department head for review and approval. The department head signs the Equipment Certification form under "signature of responsible person" and prints his/her title and department name.The Sunflower Inventory Report and Equipment Certification form are then mailed to Fixed Assets by the due date given. We recommend that each department keep a copy of the inventory (with changes) for their own records.|
Scanned Inventory Process
|Fixed Assets notifies the fixed assets coordinator by email that their department has been selected for scanning and attaches an Sunflower Inventory Report for review and familiarity with what will be scanned. A week after being notified, the fixed assets coordinator is contacted by phone and an appointment date and time is scheduled. All equipment MUST be available and accessible for scanning at the arranged date and time. PRIOR to the appointed time, the fixed assets coordinator is responsible for:
Fixed Assets staff will come to the fixed assets coordinator’s office on the arranged date/time and will have the fixed assets coordinator escort them around the department in order to scan the JMU ID# decal on each piece of equipment in their inventory. Items not found are noted as such in the barcode readers and an exception report is printed in our office once the data is uploaded from the barcode readers back into Sunflower. This exception report will be sent to the department head with instructions and due dates for following up on the missing items.
SCHEV - Equipment Trust Fund
|Equipment purchased by Equipment Trust Fund (ETF) is not owned by the University but is tied to a leasing agreement with SCHEV (The State Council of Higher Education for VA). For this reason special restrictions apply. For detailed information regarding Equipment Trust Fund, please see Section 6000 "Asset Control And Management" in the Financial Procedures Manual. Also visit the ETF instructional webpage for information on how to purchase equipment through ETF.|