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Business Procedures Manual

11.4 Mandatory Physical Equipment Inventory Requirements

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All institutions within the University System of Georgia must conduct a mandatory physical equipment inventory annually. The results of this inventory will be updated into the equipment inventory systems utilized by the institution to satisfy state reporting requirements. These results should change the status or condition of the item if required, such as missing or poor condition.

When the data file is submitted as of the end of the fiscal year, each item contained in the file should have been part of a physical inventory during that fiscal year. This allows for periodic physical inventories to be conducted on small segments of the institution’s property throughout the fiscal year to eliminate the need for conducting a complete inventory during the last month of the fiscal year.