As of July 1, 2013, William & Mary initiated a perpetual inventory process. Perpetual inventory is a process “where inventory quantities are updated on a continuous basis as a function of doing business.” Our practice results in an inventory of every department once in a two-year cycle.
The Fixed Asset Management Team works with 4 to 6 departments a month to complete the inventory process. Each department is sent a listing of assets under your control in an excel spreadsheet. The department is responsible for inventorying the listed assets and any other assets that the department might have within two weeks of receipt of the asset list. The information that may need to be updated includes building, room number, and any information that you believe would be helpful or needs to be corrected. The completed inventory form should be returned to the Fixed Asset Management contact that provided the asset listing.