Physical Inventory

K.S.A. 75-3729 provides, in part, that "State agencies be required to take physical inventory of such properties annually and at such other times as the State Controller may direct." In accordance with this act, all State agencies are directed to submit certification of a yearly physical inventory of all property belonging to the State.

In order to comply with K.S.A. 75-3729, Property Control supplies each University department with an annual list of capital equipment assigned to that department. Departments are required to physically account for all assigned capital equipment with a unit cost of $5,000 or more, and return the completed inventories to Property Control. A copy of the equipment list must be returned, showing necessary changes with a certification of completion signed by the department head.