Each year, 184 fixed asset custodians conduct annual inventories of assets valued at $2,000 or more within 294 university units. This exceeds state requirements to conduct inventories of assets valued at $5,000 or more and to conduct inventories every two years.
The custodians must account for all listed assets and personally certify that they have conducted the inventory and that the electronic accounting record of fixed assets is accurate. Certificates are maintained within the Office of the University's Controller.
The state Auditor of Public Accounts conducts an annual audit of VCU's electronic fixed asset inventory to test its accuracy, as part of its overall audit of the University. The Auditor of Public Accounts issues a finding (known as a "audit point") only when the test results show a deficiency in VCU's procedures or performance in keeping the inventory accurate and up to date. The Auditor of Public Accounts has not cited a deficiency in VCU's fixed asset inventory or procedures in at least the past six years.
Inaccuracies in the fixed asset system are corrected as they are identified -- for example, indicating that equipment has been surplussed or transferred to another unit. All assets in the system must be accounted for. Whenever assets are missing through theft or other suspected criminal activity, departments are required to file a report with the VCU Police -- regardless of the dollar value of the asset. Assets costing $5,000 or more that are missing through theft or other criminal activity are marked as stolen in the system. Assets costing less than $5,000 that are missing through theft or other criminal activity are permanently removed from the system.
As indicated previously. the Controller's office can provide you with the most recent copies of the Certificates of Completion or a print out of VCU's fixed asset inventory.
Anne L. Buckley, APR
Director of Communications and Public Relations
Virginia Commonwealth University and the VCU Medical Center
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