Property Control FAQs

Q. What is Annual Inventory?
A. The yearly process by which University employees physically locate state tagged assets.

Q. What is a tagged asset?
A. Tagged assets are movable property owned by the State that have been tagged with a unique asset number.

Q. Why does the University perform an annual inventory?
A. The State of Louisiana requires the University to track its tagged assets and to perform an annual physical inventory of them.

Q. Who is responsible for performing physical inventory?
A. Each tagged asset is assigned to a custodian, usually a dean or department head. It is the custodian’s responsibility to physically locate each of their assigned assets. This can be accomplished by the custodian personally, or it can be delegated to other responsible University employees.

Q. When does Annual Inventory take place?
A. The University’s Inventory Certification is due to the State in the first quarter of each year. To allow plenty of time for custodians to complete and return their inventories, lists will be sent out during the last quarter of the previous year and are due back by the end of December.

Q. What can be done to prepare for inventory?
A. Departments can submit completed surplus memos for any idle assets so they can be removed from inventory, submit completed transfer requests for any tagged assets that have changed locations or departments, and request replacements for worn or missing state tags.

**Note: The State requires the University to surplus both tagged and non-tagged assets.