12.2.1 Complete a Biennial Inventory
Policy Statement
University of Illinois System and state regulations require each unit to complete and certify a physical inventory of system equipment once every two years. All Ptagged equipment titled to the State of Illinois that is tracked on University Inventory is subject to state property control regulations and must be included in the physical inventory.
To complete the Biennial Inventory in compliance with system policy and State regulations, units must follow the instructions provided in the FA105: Physical Inventory of Equipment Training Guide. During the Biennial Inventory all inventory records must be updated for accuracy prior to certification. Any unfound items must be marked with the status of “unfound/pending” for certification and all unfound items must be resolved by the Pending Resolution due date, including any needed record updates, transfers, or disposals.
Unit contacts should attend Biennial Physical Inventory of Equipment Training and review the FA105: Physical Inventory of Equipment Training Guide, to better ensure that they are able to train others involved with the biennial inventory.
Procedure
To conduct a biennial inventory:
- Biennial Unit Contacts and Biennial Unit Heads will be notified of the need to conduct the Biennial Inventory through automated emails from the Biennial Inventory System nine months prior to their certification due date.
- Biennial Unit Contacts must login to the Biennial Inventory System to assign unit roles; load their inventory lists; and organize the physical observation; updating of records; and resolution of discrepancies. Your unit may continue to use a separate physical inventory system, if desired. However, units using separate inventory systems must certify in the new Biennial Inventory system and provide summary result data and upload supporting documentation into the system.
- Compare each asset record on your equipment inventory with the movable equipment assigned to your unit and/or located within its physical facility. Verify that all the information recorded for each item is accurate.
- Investigate ALL equipment located in your unit's assigned facility space.
- Make item attribute corrections directly in the Biennial Inventory System to update records in Banner. Once your unit has approved and processed all record updates and verified all items in the Biennial Inventory System; your unit will be ready to certify.
- Both the Biennial Unit Contact and Biennial Unit Head must complete the Biennial Certification by approving and submitting their certification within the Biennial Inventory System.
- Resolve all the items that are in "pending resolution" status and update records in FABweb by the pending resolution due date (three months after your unit’s original certification due date). If your unit fails to conduct the biennial inventory or the unresolved discrepancies are significant, your vice president, vice chancellor, or provost will be notified and asked to help resolve the discrepancies.
12.4.6 Process Unlocatable Equipment
12.2.3 Comply with Unit Head Property Custodial Responsibilities
12.1.2 Classify Equipment and Property
Biennial Inventory
Property Accounting - Physical Inventory of Equipment
Physical Inventory of Equipment Manual
EDDIE
Accessing EDDIE Step by Step
Last Updated: September 30, 2022 | Approved: Senior Associate Vice President for Business and Finance | Effective: June 2011