Complete Moveable Equipment Inventory before April 15

In accordance with Federal regulations and University policy, a physical inventory of Yale’s Moveable Equipment must be completed at least every two years to ensure that the University has properly maintained and accurately accounted for equipment within each unit. The start date for the FY24 Biennial Inventory is April 15, with an expected completion date of July 31.

Each Cost Center is responsible for:

• Reviewing equipment inventory
• Making any necessary updates to asset records in Workday prior to April 15
  • Location
  • Issued to
  • Disposals
  • Model/Serial Number
• Confirming the inventory review has been completed

Cost Centers are asked to pay special attention to the following items regarding the physical inventory:

• The MEI assets listed as “In-service” or “Issued” in Workday should only include functioning equipment in proper working order or equipment in repairable condition. Equipment that is obsolete or not able to be repaired must be disposed of in Workday.
• An asset should be issued to the Principal Investigator or person responsible for the equipment.
• Important: Please ensure the equipment location, including the building and room number, is accurate in Workday.
• Keep in mind that the capitalization threshold for equipment is $5,000. Inventory included in this review should only include equipment with a cost of $5,000 or more.

In Workday, Cost Centers can run the “Find Assets by Cost Center - Yale” report to get their equipment listing and make any applicable changes to the equipment record directly in the Workday system prior to April 15 to ensure Workday has an accurate equipment listing prior to the start of the inventory. Any questions regarding a Cost Center’s listing may be directed to the Controller’s Office at mei.admin@yale.edu.

Due to the timing of our external audit, the Physical Inventory, including all necessary updates, must be completed in the Workday Business Assets System no later than July 31. Once your department’s inventory is complete, a final inventory report will be sent to your department administrator for review and approval. The final report must be signed and sent to mei.admin@yale.edu. This constitutes the confirmation noted in the Cost Center responsibilities above.

Please read the instructions carefully for the physical inventory procedures, and refer to Policy 4209 “Equipment” for more information. If you have any questions, please email the Capital Asset Accounting team at mei.admin@yale.edu.

2024 Biennial Moveable Equipment Inventory instructions

Moveable Equipment Inventory (MEI) maintenance is the responsibility of Cost Center Administrators. Administrators of Cost Centers are asked to make the appropriate changes/updates directly in the Business Asset system within Workday. Once a Cost Center’s inventory is complete, a final inventory report will be sent to your department administrator for review and approval. The final report must be signed and sent to mei.admin@yale.edu by July 31 . Any questions or comments can be directed to Capital Asset Accounting team at mei.admin@yale.edu.

Important for the New 2024 Inventory Process

The 2024 Biennial Inventory will follow a new process with the implementation of the RFID inventory system and the addition of the Inventory Specialist role in the Controller’s Office. The Inventory Specialist will use the new RFID equipment to verify the location of assets that have already been recorded/updated by the Cost Center in Workday. When the inventory specialist arrives on site, departmental assistance will be necessary to:

• Access assets in secured areas.
• Ensure assets are visible in the areas being inventoried.
• Verify that the assets listed in Workday are still present and functioning.
• Assets that are no longer functioning or have been disposed of must be updated by the Cost Center in Workday prior to the start of the inventory on April 15.
• If applicable, confirm information on the Asset Tag Exemption Request Form * is current and complete. Also, verify all assets listed on the form are still present and functioning.
• If there are any assets that the inventory specialist is unable to locate, an additional appointment will be required to properly inventory these assets. Assistance from the department will be necessary to locate these assets.

Please pay particular attention to the following:

1. If the tag information on your Cost Center’s equipment listing does not include the equipment’s serial number or model number, please update your department’s inventory records in Workday by adding the serial number, model number, or both. The serial number is important for identification.
2. In Workday, assets should be issued to the Principal Investigator or person responsible for the equipment. Any assets assigned to personnel no longer at Yale (i.e., retired, terminated, etc.) must be updated to the appropriate individual.
3. Any other appropriate changes to asset information (description, serial number, etc.) must be updated via the asset record in Workday.

Disposals

Equipment disposals should be entered directly in Workday by the Cost Center. Depending on the disposal type, additional documentation may be required (listed below). Disposals should be reviewed to confirm all conditions are met prior to disposing of the asset. Below are the Workday disposal codes:

• Traded-in – You must provide the dollar amount of the trade-in and the relevant credit memo/invoice to confirm the trade-in value
• Discarded – Obsolete or unrepairable equipment that is in trash, Yale recycling center, or other.
• Stolen – Include date the equipment was reported stolen and the police report that was filed.
• Returned – The item was returned and the purchase was refunded (credit memo required).
• Sold – Approval by the Department Dean or Chair and Provost (or Provost Representative) is required prior to selling equipment. Provide the dollar amount of the sale, the date of the sale, and the purchaser. Additional information can be found in Yale Equipment Policy 4209.
  • In all cases, if there is a granting or contracting sponsor associated with the piece of equipment, and their requirements concerning the transfer or sale of equipment are more stringent, those requirements will supersede University policy.
• PI Release – Principal Investigator who has left the University and was given proper approvals to take equipment. Approval by the Department Dean or Chair and Provost (or Provost Representative) is required, and submission of the 4209 FR.04 Capital Equipment Transfer/Release Form is required.

*Assets listed on approved tag exemption forms

Departments will be sent a list of all assets that have previously been listed on approved Tag Exemption Forms at the start of the inventory, along with a new Tag Exemption Form. The department must confirm or update the asset information and return the new signed form to mei.admin@yale.edu prior to July 31.

A final note: As the, Lead Administrator, Operations Manager, or Cost Center Business Asset Tracking Specialist, you can make all necessary changes directly in the Business Assets system in Workday. If you have any questions on how to make the appropriate changes in Workday, please contact mei.admin@yale.edu for assistance.