Texas A&M International University - Purchasing/requisition

Central Receiving Department

Annual Physical Inventory

The University departments are responsible for the custody and care of all the equipment in their possession. The Inventory Verification List(TDAR004) is provided to departments each fiscal year. Each department must conduct a physical inventory of its equipment each year. When completed, a Certification of Physical Inventory Conducted by Agency Form is signed, dated, and submitted by the University Comptroller to the State Comptrollers Office. The form Must be submitted within forty-five days of the actual date of the inventory, but no later than twenty days after the last day of the fiscal year. In addition, each State agency must report the method(s) used to verify its inventory to the State Comptroller.

The following steps must be followed:

1) Verify the tagged item number with the number located on the far left column of the Inventory Verification List.

2) Confirm location, room number and name of person using the equipment.

3) Complete and return the Inventory Change Form for missing or found equipment not listed on the Inventory Verification List.

4) Department head and the person responsible for verifying physical inventory mst sign the Inventory Verification List.

TEX. GOV 'T CODE ANN. sec. 403.273(f), (g) (Vernon Supp. 1997) reads:

"(f) On the date prescribed by the comptroller, a state agency shall make a complete physical inventory of all property in its possession. The inventory must be completed once each year.

TEX. GOV 'T CODE ANN. sec. 403.277 (Vernon Supp. 1997) reads:

"If a state agency fails to keep the records or fails to take the annual physical inventory required by this subchapter, the comptroller may refuse to draw warrants or initiate electronic funds transfers on behalf of the agency."

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