Fixed Assets Department Procedure for Inventory Process

UPDATED: July 10, 2015

PURPOSETo physically count and confirm existence of Longwood University assets. To ensure all ETF and any assets costing over $5,000 are tagged and included in the appropriate department inventory list. To determine whether unrecorded or improperly recorded transactions have occurred and lastly to identify any excess, defective, or obsolete assets on the inventory list.

RESPONSIBLE PERSON: Inventory Custodian and Department Manager



Safeguarding the University’s assets is an important task. The value reported for each asset has a significant impact on financial statements and can negatively impact the University if not reported correctly. Please pay close attention to all assets in your department. If you have any items that have not been tagged and should be, or if you have an item that the tag is missing, please notify the Fixed Assets Office and a replacement tag will be issued.




When completing the inventory process, please follow the procedures outlined below:


  1. Attached you will find a list of all fixed assets assigned to your department from our database.

  2. Locate each item on the inventory report and verify the asset tag and serial number (Service Tag for Dell equipment) with the item description and location.

  3. If the asset tag is missing, destroyed, illegible, or coming off, please notify the Fixed Asset Accountant so that they may issue a replacement tag.

  4. Denote any changes to the physical location or serial number (Service Tag for Dell equipment) of any asset in the comments section to the right of the item.

  5. Initial beside each asset, ensuring that each asset has been accounted for and that the tag is on the asset. Please fill in any descriptions of the asset that may be missing as well.

  6. If you have an asset that has been disposed of, a brief description of the disposal should be written and the appropriate documentation must be sent to the Fixed Assets Office (please see the links below for the appropriate forms).

    • If an item is listed on your inventory that has been surplused or transferred, the surplus or transfer paperwork was not received by the Fixed Assets Office, please send a copy with the returned inventory documents so that the item may be removed from your departmental inventory.
    • If you have assets in your department that are not on your list, please write in the tag number, serial number and a brief description in your email when you return the inventory to Fixed Assets.
  7. Please return the completed inventory with the signed title page, within two weeks from the date of receipt to

The Surplus or Trade-In Property form can be found on the Materiel Management website.


The Interdepartmental Transfer Form can be found here and the Instructions for Transfer Process Form.


The Fixed Asset Addition Form (pdf) can be found here.