As an agency of the State of Maryland, Salisbury University is required to perform annual and periodic inventory reviews of property and equipment.
The Process
Each year all departments are asked to complete an annual inventory and submit it to the Inventory Control Office. Reports are generated and mailed around the middle of April, and the completed inventory is due on the business day closest to June 30th, the end of the University's fiscal year. Inventory Control updates the information recorded for equipment based on changes noted on the annual inventory and follows up with the department on any items that are not located so that the inventory can be completed.
The Salisbury University tag number assigned to that piece of equipment. The equipment will have a metal inventory tag bearing the bar code and tag number.
The total cost paid for the equipment, including shipping and handling, assembly, set-up, accessory parts required to operate the equipment. Maintenance agreements are not included in the cost of an item; they are expensed as they do not extend the useful life of an item beyond the fiscal year.
