Creighton University
Accounting Policies
POLICY TITLE: | Fixed Asset Biennial Inventory and Facilities and Administrative (F & A) Survey Completion | POLICY NUMBER: | FAPL 03 |
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DATE ISSUED: | July 1, 1993 | DATE REVISED: | July 1, 2000 |
To ensure that all capitalized assets have been properly recorded and tracked, Creighton University will conduct an on-going biennial inventory of all fixed assets. The inventory will include the distribution and completion of space surveys as required for the Facilities and Administrative (F and A) Cost proposal. The inventory and space survey completion will be conducted on a cycle basis. The fixed assets/space surveys in a department will be accounted for/completed every two years, but not all departments will have a physical inventory/space survey during the same time of the year. (For example, one group of departments will have a physical inventory/space survey during January of all even numbered years, a second group of departments will have a physical inventory/space survey during February of even numbered years, and other groups of buildings will be designated for specific months during odd numbered years.)
The Controller's Office will conduct the actual physical inventory involving department personnel only as needed. The Controller’s Office will send out, pick up, and audit the space surveys completed by department personnel. Upon completion of an inventory, a summary of reconciliation items will be presented to the department head or administrator for review, comment and resolution. Upon review and audit of the space surveys the department head or administrator will be contacted for clarification of exception items. This follow-up needs to be completed on a timely basis to ensure accurate reconciliation.