Wayne State University

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6.6 Physical Inventory

POLICY

The university is required by federal regulation to conduct a biennial physical inventory of its capital assets.  The PMO provides each School/College/Division a listing by department of all equipment recorded in the university Fixed Asset System for verifying the existence and current location of the equipment.  All equipment that is not currently located at the university must also be accounted for during the physical inventory process.  In addition, a physical inventory may be required at the close of a sponsored agreement or when otherwise warranted.