The Property Management Office is in the process of conducting the federally mandated biennial inventory of the University's capital assets. This inventory is being conducted pursuant with The Uniform Administrative Requirements for Cost Principles and Audit Requirements for Federal Awards and is a federal requirement under the provisions of the Office of Management and Budget (OMB). The quality with which this inventory is conducted has potential ramifications on federal grant funding, the Facilities & Administrative (Indirect Cost) rates and other factors that potentially impact University operations and finances.

The primary objectives of the biennial inventory are to:

• Comply with federal regulations
• Verify the accuracy of the University fixed asset records
• Facilitate the safeguarding of University assets
• Insure compliance with University policies

Please view this task with the conscientiousness that is warranted for such an important matter.

The Property Management Office will email each department when their departmental inventory lists have been uploaded to the Capital Asset Inventory webpage. The departmental inventory list is a current listing of your department's capital assets per the University's fixed asset system which meet the $5,000 or greater capitalization criteria. There are links below for the Inventory Lists, the Inventory Instructions, the Addition, Deletion and Exception Forms and the Certification Form. Completed inventory information should be returned electronically to the Property Management Office no later than May 10, 2024.

Departments with a large volume of capital assets, and others selected randomly, will be contacted to schedule a time for a member of the Property Management staff to conduct a random verification of capital assets. If your department is selected for this additional review, you will be notified by separate correspondence.

If you have any questions, please feel free to contact Bobby L. Smith, Director, Cost Accounting and Property Management at propertymanagement@wayne.edu. Thank you for your cooperation.