Authority: Executive Vice Chancellor, Finance and Administration

History: First Issued: November 1, 2001.  Last Revision: June 10, 2025

Related Policies:
NCSU REG 07.40.01 – Disposal of University Property

Additional References:

University Controller’s Office Website
Asset Management Website
Equipment Tracking/Home Use Authorization Form CA-2
Storage of Assets on Privately Owned/Leased Premises Form CA-3
Office of the State Controller (OSC) Statewide Policy

Contact Info: University Controller’s Office (919-515-2139)

1. Purpose

This statement outlines the policies and procedures for the annual physical inventory of capitalized assets conducted by North Carolina State University (NC State) colleges, divisions, departments and units (colleges/divisions).

2. General Guidelines

The Office of the State Controller (OSC) Statewide Accounting Policy requires NC State to conduct an annual inventory. Each college/division is responsible for verifying its inventory and making changes or corrections in the PeopleSoft – Asset Management System.

3. Procedures

The asset management team generates and sends annual inventory certifications to each  college/department in October. Due dates are staggered based on the number of assets per certification: the first at the end of December, the second at the end of January, and the final in mid-February.

3.1. Annual Inventory Procedures

The college/division inventory certification spreadsheet should be used for physical verification. Ensure all assets have “Property of NCSU” asset tags for easier location. Verify all identifying information (e.g., serial number, responsible person, location) listed on the inventory certification. Changes or issues noted in the comments sections will be reflected in the asset management system. Once complete, submit the inventory certification for college/division review, then forward it to the asset management team for final approval. Detailed instructions for the inventory process are available in the Asset Inventory Manual.

3.2. Lost, Stolen and Surplussed Equipment

Assets reported as lost or stolen should be indicated by a disposal request submitted by the college/division through the inventory certification. Assets sent to Surplus must be reconciled with the corresponding surplus request. No asset is retired from the asset management system until a disposal request is submitted.

LOST ITEMS: Any asset deemed lost during the physical inventory process must have a corresponding disposal request submitted through the inventory certification. Lost assets remain in inventory for two years, allowing the college/division to reconcile the lost assets if located during the next inventory period.

STOLEN ITEMS: Any asset reported as stolen by a college/division must be reported to university police, with a corresponding disposal request submitted through the inventory certification. The university police report number must be included on the disposal request to confirm proper reporting of the crime.

An annual listing of lost/stolen assets is sent to the executive vice chancellor, finance and administration, who then forwards it to all deans, directors and department heads to inform them of the items.

If a previously lost asset is located, the college/division must add a comment to the inventory certification to notify the asset management team. The asset will then be reinstated into the asset management system.

SURPLUS ITEMS: Any asset sent to Surplus must be reconciled with the corresponding surplus request through the inventory certification. Once Surplus takes possession of the asset, they must submit a disposal request when the asset is sold or scrapped to retire it from the asset management system.

3.3. Record Retention

All disposal methods are documented by colleges/divisions through disposal requests in the asset management system. Assets transferred to another college/division are documented through a transfer request submitted via the inventory certification. Any capitalized asset authorized for home, portable or offsite use must be documented using NC State Form CA-2, completed and signed by the dean, director, department head, or their designee (dean/department head), with a signed copy sent to the asset management team. For non-portable capitalized assets temporarily stored off-campus, NC State Form CA-3 must be completed and signed by the dean/department head, with a copy sent to the asset management team. All CA-2 and CA-3 forms are attached to the asset’s record in the asset management system.

3.4. Equipment Not In Use

Contract and grant sponsors require NC State to indicate any assets not currently in use on its equipment inventory. To mark an asset as not in use, the college/division can uncheck the “In Use” box on the inventory certification.

3.5. Location Code

The college/division must verify the location code for all assets on the inventory certification. This code must correspond to the correct building and room number where the asset is physically located. All location codes in the asset management system are sourced directly from the FM:Interact System used by the NC State Facilities Division.

3.6. Capitalization Criteria

Equipment with a cost of $5,000 or more and a useful life of at least two years will be capitalized in the asset management system.

3.7. Equipment Stored Off-Campus

The asset management team must be notified of all capitalized assets stored off-campus at remote NC State locations or private premises. The college/division must complete NC State Form CA-3, signed by the dean/department head. Once the asset management team receives the completed form, it is attached to the asset’s record in the asset management system.

The asset management team will coordinate the annual inventory process.  For any questions regarding inventory procedures, contact the asset management team at assetmanagement@ncsu.edu.