Maintaining Equipment Records

Updating equipment records regularly will make your biennial inventory go more smoothly. Equipment information which may be updated:

• Location Code
• Custodian (UIN) (if populated cannot be left blank)
• Equipment Manager (UIN) (if populated cannot be left blank)
• Condition Code
• Manufacturer
• Model
• Serial Number or VIN

For more details about updating an asset, consult OBFS Policies and Procedures Manual, 12.2.5 Update an Existing Asset in FABweb.

Equipment Audits

All property records may be audited by the following:

• State of Illinois Auditor General and Bureau of Property Management, Department of Central Management Services
• University of Illinois System Office of University Audits
• Other auditing agencies as prescribed by law or sponsorship agreements
• U.S. Government agency auditors
• University Accounting and Financial Reporting

Audits normally evaluate how well the University has followed policies, procedures, and regulations established by:

• The State Property Control Act
• Other applicable organizations such as sponsoring agencies
• The University of Illinois System
• Government Accounting Standards Board (GASB) and Financial Accounting Standards Board (FASB)

Audits may be easier if you follow the suggestions in OBFS Policies and Procedures Manual, 12.2 Maintain Equipment Records - Avoiding Property Accounting Problems.