Part III - UNM Finance: Practical Applications

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Standard Accounting Resource Manual (SARM)

MSC 0000 00
1 University of New Mexico
Albuquerque, NM 87131

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 Inventory Control distributes to departments a listing of the department's equipment, as currently reflected on the University inventory, along with Instructions and a Certification Statement.  Departments are directed to the Inventory Control Department's website for additional forms that may be needed:

  • Asset Adjustment Form
  • Request for Deletion of Assets Form
  • Employee Equipment Checkout Form. 

Additional training materials are also posted on the site.

Department administrators are responsible for completing a physical inventory and returning all forms to the office of Inventory Control by the specified deadline. The department should retain copies of inventory documents.