Annual Physical Inventory
State law requires all state agencies to conduct an annual physical inventory of equipment.
A fixed asset listing of capital equipment is assigned to your school/department (equipment,
furniture and vehicles with an acquisition cost of $5,000.00 or more) and controlled
assets (other property which due to the nature of the asset is required by the state
to be managed, such as computers, printers, fax machines, cameras, etc. above $500.00).
The annual physical inventory is usually due at the end of the 2nd quarter of the
NOTE: Due to the minimum acquisition cost of state property being raised from $1,000
to $5,000 in FY03, some state property will have Texas Tech tag numbers on it which
no longer are on the fixed asset listing. If you want to dispose of equipment at the
time you do the annual physical inventory, check your departments fixed asset listing
online to determine the correct form to use. For example, if you are disposing of
equipment that has a tag but is not on your fixed asset listing, the form to use is
Attachment H (Items not Carried on Departmental Inventory); when the equipment is
tagged and on the departments fixed asset listing, the form to use is Attachment A
(Broken, Obsolete, Unserviceable, or Surplus Property). New equipment that is not
yet tagged and known to be $5,000.00 and over or is a controlled asset, such as computer,
printer, camera, etc., and $500.00 and over, will need to be added to the annual physical
inventory fixed asset listing.
The Property Custodian of each department is responsible for conducting the annual physical inventory. The
certification can be completed online Here. All equipment must be accounted for and the condition noted. Departments must perform
an extensive search for any equipment before reporting an item as missing. only the
Property Custodian is authorized to approve the completed physical inventory. The
safekeeping of property assigned to the department is the responsibility of the Property
Account for all of the equipment listed on the printout, and indicate the condition
of the equipment (N for new, G for good, F for fair, and P for poor). If there are
items on your departmental listing that have been transferred to another department,
complete and return the Request to Transfer Property Between Departments form (HSC
OP 63.10, Attachment E). If there are items that cannot be located, complete and return
the appropriate form to delete the items from your listing (HSC OP 63.10, Attachment
A Request for Authority to Remove Property From Departmental Inventory or Attachment
B Request to Delete Property Which Cannot Be Located as a Result of Theft or Loss).
Perform an extensive search for any equipment before reporting the items as missing.
Keep a copy of your completed inventory for your files. Submit original paperwork
to the Facilities, Operations & Maintenance department.
IMPORTANT: Relocation of state property can be done online. Transfer of state property
forms are to be filled out and submitted at the time there is ANY CHANGE in equipment
location (not just at the time of the annual physical inventory). Any piece of tagged
equipment should be able to be found quickly simply by referring to the departments
fixed asset listing, which is continually updated from such completed forms. Submit
original paperwork of transfer form to Facilities, Operations & Maintenance department.
Tagging New Equipment
The Facilities, Operations & Maintenance department receives paperwork for all state
property that is required to be tagged. When this state property is tagged, the original
paperwork is returned to Property Inventory at TTUHSC at Lubbock, a copy is kept in
Facilities Office and a copy is sent to the departments Designated Property Inventory Personnel.
Temporary Use of Property Authorization Form
When any state property is taken off TTUHSC at the Permian Basin, a Temporary Use of Property Authorization Form needs to be completed. Each department / school is responsible for ensuring this
form is on file.
The original, completed form for any tagged equipment is to be forwarded to the Facilities
Office. The Facilities Office will keep on record a copy, forward a copy to the TTUHSC
at the Permian Basin Police, and send the original form to Business Services at the
TTUHSC at Lubbock.
For state property that is not tagged, the original form can be kept on file in the
department / school and a copy forwarded to Permian Basin HSC Police.
Audio Visual equipment that is taken off the TTUHSC at the Permian Basin requires
approval from the Information Technology department and / or School of Medicine Administration
Office, prior to scheduling date, time, and place and completing the form.
The department using state property is responsible for damage to any equipment used,
on or off campus.
All disposal of State property is managed by the Facilities, Operations & Maintenance
department. Broken, obsolete, unserviceable, or surplus property requires the department
to submit Attachment A of HSC OP 63.10., which is to be used for all tagged state property. Attachment H is a form that
requests the pick up of any surplus property of items not carried on department inventory
not tagged. It is the responsibility of the Surplus Property Manager to determine
what equipment, no matter how small, is to be disposed of not the department. See
Surplus Property for detailed guidelines regarding the disposal of State Property for TTUHSC at the
For updated Property Inventory forms, go to Operating Policies and Procedures (Numerical 63.10)
Attachments A-L of HSC OP 63.10 are all the forms needed to delete, transfer, relocate,
report missing property, surplus state property, etc. Forward the completed forms
to the Facilities, Operations & Maintenance department. Keep a copy for your records.
For help or questions regarding disposal of state property contact: