Financial Affairs Main Page
UAB Chief Financial Officer
Accounts Payable
Administrative Systems Training
Budget Administration
Contracts & Vendor Compliance
Cost and Space Analysis
Equipment Accounting
Financial Accounting
Financial Review Services
Payroll Services
Student Accounting
Tax Services
University Purchasing
Object Code Search
Policies & Guidelines
Reports & Publications
Resource Links
UAB Financial Affairs
University of Alabama at Birmingham
701 20th Street South
921 Administration Building
Birmingham, AL 35294
Search Financial Affairs UAB Home UAB Directory UAB Calendars

accounting   /  Physical Inverntory Equipment

Physical Inventories

The University of Alabama at Birmingham (UAB) is required by the State of Alabama, federal grant sponsors, and compelled by good business practices to maintain a current inventory of all UAB capital equipment. UAB conducts its' physically inventories biannually on a fiscal year basis, i.e. 10/01/2006 - 09/30/2008. 

The Equipment Accountability Policy addresses some aspects of physical inventories conducted at UAB. See Equipment Accountability Policy.  The major points of the policy, as it relates to the physical inventory process, are as follows:

  1. The department/unit head ultimately is responsible for the equipment affiliated to his or her department/unit.  The "Accountable Equipment Officer" for each unit is the department/unit head unless otherwise designated in writing to the Equipment Accounting Department. The Accountable Equipment Officer will be responsible for all equipment matters covered by this policy
  2. Periodically, the Equipment Accounting Department will provide to the Accountable Equipment Officer of each UAB department/unit a computer‑generated listing of all capital equipment affiliated with the department/unit. The Accountable Equipment Officer of the department/unit will verify the accuracy of the list and will return it to the Equipment Accounting Department with any changes noted.
  3. In the rare circumstance in which equipment cannot be located by the department/unit, it is considered to be misplaced or "lost." Missing equipment that is reported to the UAB Police as stolen is not considered to be "lost" In the event that capital equipment cannot be located by the accountable department/unit and the capital equipment has not been reported as "stolen" as outlined above, a percentage of the approximate real value of the missing capital equipment as estimated by the depreciation tables will be charged to the accountable department/unit. In the case of fully depreciated equipment, a percentage of the estimated "street value" will be charged to the accountable department/unit. The percentage is established by the President in consultation with the Executive Committee of the Faculty Senate and currently is set at 25%. It should be standard practice is to notify the accountable department/unit one month in advance of the charge being posted to the account. If the lost capital equipment is located later, the percentage charge will be returned to the department/unit whose account was charged.

Equipment Management Specialists (EMS) in the Equipment Accounting Department are responsible for planning, notifying, scanning and updating in all matters related to the taking of inventory.

© Copyright 2007 UAB Financial Affairs    All Rights Reserved
Web Development by Infomedia