Subject Area: Accounting
Responsible Office: Comptroller's
Approval: Comptroller
Originally Issued: December 1989
Revised: October 2006
Refer Questions To: Martha Bulin, 773-702-1958

PURPOSE:   To ensure physical inventories of equipment are performed on a regular basis.

POLICY:

1. The Office of the Comptroller is responsible for ensuring that physical inventories of equipment are performed on a regular basis.
2. Individual departments are responsible for conducting physical inventories of equipment.
3. An annual physical inventory must be made for all University equipment with an original cost value of $50,000 or more.
4. University equipment with an original cost value less than $50,000 must be physically inventoried annually based on a statistical sample of equipment provided by the Comptroller's Office.
5. Equipment maintained by the University and owned by the federal government or other external agencies must be physically inventoried on an annual basis.