The University of Chicago

Financial Services


Annual Physical Inventory

Purpose & Selection

A physical inventory is performed each year to verify the existence, condition, and location of University assets. In accordance with University Policy 1004.6 - Physical Inventory of Equipment, an asset will be selected for physical inventory if it meets one of the following selection criteria:

The physical inventory is also an opportunity to verify that the University of Chicago property tag is still affixed to the equipment in a visible location. If the tag is damaged or missing, a replacement tag will be issued. The following questions are answered during the annual physical inventory process:
  1. Does the equipment still exist?

  2. Is the equipment in usable condition?

  3. Is the equipment being used?

  4. Is the location correct?

  5. Does the asset tag on the equipment match the asset tag number provided on the inventory form?