Physical Inventories

New Mexico State Law Section 12-6-10 NMSA, as amended by Chapter 303, Laws of 1983 and House Bill 1074, requires The University of New Mexico to conduct a physical inventory of all property valued over $5,000 annually. The annual physical inventory also provides departments with an accurate inventory of property assigned to the department.

Each year, the office of Property Accounting confirms department Inventory Contact. The Inventory Contact is the person assigned by the department's head authorized to manage your department's inventory in order to ensure access into the UNM Inventory Assistant/AppTree software.

The Inventory Assistant/AppTree IO mobile app and web client is used by department Inventory Contacts to complete their required annual physical inventory of equipment.

The mobile app and web client environments mirror each other. The mobile app has the advantage of being able to scan inventory barcodes using the device's camera. The camera will also make it easier to attach pictures to the equipment's record. The two environments function the same, so the name Inventory Assistant will refer to both.

The Inventory Assistant has workflows for internal and external transfers, surplus and other disposals and asset checkouts/check-ins. It provides an asset search feature, reports and the required annual inventory inspection.

The Inventory Assistant should be utilized throughout the year to make any necessary adjustments to a department's inventory, which may include disposing of old, obsolete equipment through Surplus Property, updating asset condition codes and keeping equipment locations current. Departments are also responsible for safeguarding and maintaining accurate records on all non-inventoried property, i.e. all property not overseen by the office of Property Accounting.

Departments are directed to the Property Accounting Department's website for up to date information on inventory procedures.

Inventory Contacts and department administrators are responsible for completing a physical inventory and returning data into the Inventory Assistance as requested by the office of Property Accounting by the specified deadline. Inventory Assistant can generate reports which the department should retain for audit purposes.