Welcome to the Inventory Department

YEAR-END 2008 CUT-OFF PROCEDURES

Mission Statement:

The Inventory Department, using supply chain management, tracks capital equipment through acquisition, useful life and disposition in accordance with the MSU Manual of Business Procedures and standards established by the Federal Government.

About Us:

The Inventory Department tracks and accounts for capital equipment owned by or loaned to Michigan State University.   The tracking process begins when equipment is purchased, gifted or loaned to the university.   It ends when the equipment is removed from the university inventory as it is disposed of, traded in or sold.  Each year a physical inventory takes place to insure the equipment can be located and is in proper working condition.

Equipment is defined as an item with an acquisition cost of $5,000 or more, and non-expendable, tangible personal property, having a useful life of more than one year, that has the capacity to function as a stand-alone unit without the assistance of another unit (i.e., is not an accessory or component).

The Inventory Department obtains all relevant data relating to each piece of equipment (i.e. serial number, model number, cost, location, etc.) and assigns a unique identification number, maintains the information on an automated tracking system and retains associated equipment records for audit and internal tracking purposes.  Inventory records are updated on an on-going basis.  Departments initiating the acquisition or loan of equipment are responsible for its use, maintenance, safeguarding and disposal.  Departments are also responsible to notify the Inventory Department of receipt of any gifted or loaned equipment and the transfer or disposal of any owned or loaned equipment.