2018 Biennial Movable Equipment Physical Inventory
June 6, 2018
In accordance with Federal regulations and University policy, a physical inventory of Yale’s Moveable Equipment must be taken at least every two years in order to ensure that the University has properly maintained and accurately accounted for equipment within each unit.
In completing the physical inventory, Cost Centers are asked to pay special attention to the following items regarding their respective equipment inventories:
- Only usable equipment in proper working order, or able to be repaired, should be kept on a cost center’s equipment listing.
- Equipment that is obsolete or not able to be repaired should be disposed of and removed from the listing.
- Equipment disposed of since the last physical inventory must be removed from the cost center’s equipment listing.
- Important: please provide accurate equipment location, including building and room number for the physical inventory.
- Keep in mind that the capitalization threshold for equipment is $5,000, and the inventory only covers equipment with a cost of $5,000 or more.
The inventory listings only include equipment purchased and recorded in the general ledger through April 30, 2018. Equipment purchased and paid for on or after May 1, 2018 will be added to the inventory separately, so there is no need for you to add recent purchases to the list.
In Workday, Cost Centers can run the “Find Assets by Cost Center” report to get their equipment listing and also make any applicable changes to the equipment record. Any questions regarding a Cost Center’s listing may be directed to the Controller’s Office at firstname.lastname@example.org.
Due to audit requirements, all Cost Centers must complete the physical inventory and enter the changes directly in the Workday Business Assets System no later than July 31, 2018.
- For YSM Cost Centers, Mark D’Agostino will be contacting you to schedule student interns to assist in the physical inventory project.
- For FAS Cost Centers, please contact Cathy Vellucci if you have additional questions or need assistance regarding completing the physical inventory project.
Please read carefully these instructions for completing the physical inventory, and refer to Policy 4209 “Equipment” for more information. If you have any questions, please contact Jeff Perinetti at (203) 436-9244 or Bob Marchitto at (203) 436-9247.
Your assistance in this matter is greatly appreciated.