Click to review the below policies related to inventory:

FIN-ACC-170: Capital Movable Asset Physical Inventories, Tagging, and Location Changes

Click the above link to review the Indiana University policy on capital movable asset physical inventories, tagging, and location changes. This policy outlines that each unit is responsible for movable capital asset physical inventories, tagging, and changing locations for those assets capitalized under their organization code in the Kuali Financial System. This policy helps ensure that physical inventories and tagging are completed accurately and timely to secure university capital assets, to verify location for compliance with OMB Uniform Guidance, and to assist units with effective management of capital equipment. Review this policy in full for details about the process surrounding the physical inventory of, tagging for, and location changes of capital assets, the scope of the policy, reasoning for the policy, definitions for commonly used phrases related to this process, and the history of this policy.

FIN-ACC-390: Inventory

Click the above link to review the Indiana University policy on inventory. This policy outlines that each recharge center is responsible for the inventory of all items that were purchased for resale and all items that were purchased for use in the production process for the recharge center. This policy helps ensure that the recharge center balance sheet accurately reflects the unit’s financial position at the end of the fiscal year. This policy emphasizes that a physical inventory of the items maintained in inventory should be taken at least once every fiscal year. Review this policy in full for details about the process surrounding the physical inventory of products for resale, the scope of the policy, reasoning for the policy, definitions for commonly used phrases related to this process, and the history of this policy.