The University of Texas at Arlington

Inventory Management

All state agencies are required to manage the inventory property owned by an agency. The Asset Management Office at UT Arlington oversees the methods utilized to manage inventory property and provides procedures and services to ensure that all state and federal requirements are met.

General Information regarding Inventory Management

The primary Inventory management activities performed by Asset Management are:

• Generation of receiving reports for large purchase orders and delivery of shipments received by Central Receiving to departments.
• Issuance of inventory tags and maintenance of the system used for tracking inventory property.
• Administration of the Annual Inventory and reporting program for all of UT Arlington.
• Managing the university’s surplus inventory location and hosting surplus inventory auctions.

Inventory Management Processes

Inventory management procedures are written for two categories of property; property owned by UT Arlington, and property owned by the U.S. Government in the possession of UT Arlington operating in the capacity of a research and development contractor. Correct handling of property after receipt of goods or completion of service to tangible items is a department responsibility and is covered by procedures as follows:

Inventory Property owned by UT Arlington

• Inventory ownership and tracking accountability resides within all departments using that inventory property. Reference Fiscal Procedure 2-41, Responsibility and Accountability, for levels of delegation of accountability and requirements for tagging of inventory property.
• Inventory ownership records are maintained by each department owning property. Reference Fiscal Procedure 2-47, Departmental Property Records, for definitions and information on how to maintain property records.
• Movement of inventory into and out of a department location requires updating departmental inventory records. Reference Fiscal Procedure 2-45, Removal of Property from a Department’s Inventory.
• Movement of inventory property out of a department location on a temporary basis (e.g. repair or use off campus) requires documentation to be created and kept on record. Reference Fiscal Procedure 2-46, Removal of Equipment from the University Premises, for requirements.
• A complete physical inventory of property in department locations is required at least once each year. Reference Fiscal Procedure 2-43, Annual Inventory, for requirements.
• Operation of motor vehicles owned by UT Arlington requires unique documentation to be maintained. Reference Fiscal Procedure 2-48, Motor Vehicles, for requirements.

Inventory Property owned by the U.S. Government

• Inventory property tracking accountability resides within all departments using that property. Reference Fiscal Procedure 2-56, Responsibilities, for levels of delegation of accountability and requirements.
• Inventory property records are maintained by each department using Government owned property. Reference Fiscal Procedure 2-58, Inventories and Reports, for definitions and information on how to maintain property records.
• Inventory property records are maintained by each department using Government owned property. Reference Fiscal Procedure 2-59, Identification, for definitions and information on how to maintain property records and property tags.
• Inventory property that may be created to meet unique project requirements must also be tracked with assigned cost values and tags. Reference Fiscal Procedure 2-60, Fabricated Equipment, for definitions and information on how to valuate the property and apply tags.
• Inventory property that needs maintenance or repair may need prior permission from the government before proceeding. Reference Fiscal Procedure 2-61, Care, Maintenance, and Utilization, for information on how to proceed in different situations.
• Special procedures are required to scrap, salvage or transfer government owned inventory. Reference Fiscal Procedure 2-63, Disposition of Government-Owned Equipment, for information on how to proceed.
• It is recommended to track consumable materials and supplies on all federally funded projects to ensure correct allocation of resources. Reference Fiscal Procedure 2-64, Records of Materials and Supplies Consumption, for information.

Additional Services provided by Asset Management

• Moving services for minor moves for university departments. Reference Fiscal Procedure 2-49, Central Receiving and Central Receiving Services, for information.
• Providing pick up and disposition of documents identified by departments for destruction. Reference Fiscal Procedure 2-74, Shredding of Records Through Asset Management, for information.

Additional Asset Management Information Resources

• Additional information regarding shipment receiving, equipment tagging, and payment authorization may be found at Buying Goods and Services.
• More information regarding Annual Inventory and surplus inventory auctions may be found in Frequently asked Questions.
• A list of all the asset management procedures may be found at Asset Management Procedures Index.
• A list of all the forms referenced in the asset management procedures may be found in the Exhibits/Forms Master Index.