Annual Inventory for Capital Assets

Directive Statement

This directive establishes the proper methods of administering annual inventory of capital assets.  Asset Management will perform inventory of capital assets.  Departments are responsible for off-site certifications, inaccessible locations, and locating missing items.

The inventory is performed annually starting July 1st and ending March 31st.  The deadlines for departments for completing the annual inventory are as follows:

• • Off-Site Certifications – September 30th
  • High Risk Departments – November 30th

• STAR and IFAS departments – January 31st
• Main Campus and Health Science Center Departments – March 31st

Reason for Directive

The purpose of this directive is to ensure proper accounting for capital assets and attractive property.  The Board of Governors requires the University of Florida to complete an annual physical inventory of all capital assets.

Who must comply?

All UF departments.  Departments designate Property Custodians and Departmental Contacts who manage property for the department.  Asset Management maintains a listing of Current Property Custodians.

Procedures & Best Practices