Fixed Asset Inventory Practices for Colleges and Universities

The process for conducting a physical inventory (PI) at colleges and universities creates challenges in properly accounting for and controlling fixed assets due to the significant number of staff that must be involved. The PI process often involves the finance department, numerous department chairs and many other staff, including professors. Fixed assets such as laptops, tablets, research equipment, athletic equipment and donated art are often mobile and may be taken off campus or frequently transferred among departments. This creates challenges to properly track the physical location of assets on an ongoing basis, specifically during a PI count. As such, it is critical to have strong internal controls to properly address these challenges. Below are ten best practices that colleges and universities can leverage to help improve PI controls, provide a more efficient and effective PI process and enhance accountability over the PI results.

ABOUT THE AUTHORS

Mark Nicolas
Managing Partner, Non-profit, Education & Government
Mark.Nicolas@dhg.com

Chris Kalafatis
Director, DHG Risk Advisory

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