Departments are required to complete an annual physical inventory (by the department’s assigned inventory wave due date - see schedule below) of their equipment and computer devices and return those inventories to the office of Inventory Control. In addition, throughout the year it is the responsibility of departments to make any necessary adjustments to their inventory, which may include disposing of old, obsolete equipment through Surplus Property. Departments are also responsible for maintaining accurate records on all non-inventoried property, i.e. all property not overseen by the office of Inventory Control.
New Mexico State Law Section 12-6-10 NMSA, as amended by Chapter 303, Laws of 1983 and House Bill 1074, requires The University of New Mexico to conduct a physical inventory of all property valued over $5,000 annually. The Federal Government requires inventory of all property regardless of cost. The annual physical inventory also provides departments with an accurate inventory of property assigned to the department.
Each year, the office of Inventory Control distributes to departments, per the Inventory annual wave schedule, a listing of the department's equipment along with Instructions and a Certification Statement. Departments are directed to the Inventory Control Department's website for additional forms that may be needed:
- Asset Adjustment Form
- Employee Equipment Checkout Form
- Inventory Contact Form
- Request for Deletion of Assets Form
- Transfer of Equipment to Another Entity Form and Memo
Additional training materials are also posted on the site.
Inventory Contacts are responsible for completing a physical inventory and returning all forms to the office of Inventory Control by the specified inventory wave deadline. The department should retain copies of inventory documents.
Government-owned property will be inventoried, at a minimum, once a year. This will be accomplished no later than the wave due date assigned to each department for their annual physical inventory. The PI and the Inventory Contact will be responsible for validating the inventory of Government property.
- One person is assigned the responsibility, as the Inventory Contact, in each department for inventory control and maintenance.
- The Inventory Contact attends the inventory training workshop provided each year by Inventory Control.
- All purchases, disposals, or transfers of property are reported to the Inventory Contact as they occur.
- The Inventory Contact keeps and updates the inventory control worksheet throughout the year. This is the worksheet that was received the prior year from Inventory Control. It was returned to Inventory Control with the corrected physical inventory for the department.
- All asset transfer forms, request for deletion of assets, request for disposal of surplus property forms, and asset checkout forms are copied before being sent to Inventory Control or Surplus Property and kept in the department by the Inventory Contact.
- Each year the new worksheet received from Inventory Control for use in taking a physical inventory is compared with the updated sheet that has been maintained throughout the year. Any discrepancies are investigated and corrected.
- During the physical inventory all items, especially computer devices, are examined for the correct asset tag number. This includes physically verifying the condition and location of the Government property, and verifying the requirement for the continued use of the Government property for contract-related purposes. Any items physically present but not on the inventory sheet are recorded on the inventory sheet and reported to Inventory Control as present.
- After completing the physical inventory, the Inventory Contact will complete the inventory documents detailing the results of the inventory. The inventory certification form will include the date of the inventory and will certify that the inventory is correct, as shown on the inventory listing. Any exceptions will be noted in the inventory list and the required forms and supporting documentation will be submitted by the Inventory Contact to the Inventory Control Department. All inventory documents will be completed and submitted by the wave due date established.
- If any Government property is determined to be excess, see Excess Government-Owned Property section below. Any property that is excess will also be noted in the inventory list and will be transferred accordingly.
- Using the results of the physical inventory, the Inventory Control Department will make the necessary changes to the inventory control database and Banner.
- Upon request the Inventory Control Department will provide a copy of the inventory documentation to CGA within 15 days, who will report the results to the Government Property Administrator.
Excess Government-Owned Property
As part of the UNM annual inventory, any items determined to be excess will be identified. At that time, the PI will notify the Inventory Contact that Government-owned property items have become excess to the needs and requirements of the Government contract for which it was acquired. The cognizant Government Contracting Officer and the Government Property Officer will be notified within thirty (30) days of any excess Government-owned property. Disposition of excess Government-owned property will be at the direction of the cognizant Government Contracting Officer/Plant Clearance Officer.
As applicable, the PI or Inventory Contact will, within ten (10) working days, update the DoD *Unique Identification Registry, as required by DFARS 252.211-7007. *Note: As of 9/23/2015, the UID system is not available for UNM.
After the disposition of any Government property, the Inventory Contact will provide all the supporting documentation to the UNM Inventory Department to remove the item from the inventory database. The Inventory Control Department will, on a monthly basis, update the inventory database and proceed to remove the item from Banner through the monthly deletion batch.