1. FY2012 PHYSICAL INVENTORY PROCESS AND Q&A SESSIONS Presented by Scott Polk The Office of Procurement’s Fixed Assets Management (FAM)

2. FY2012 PHYSICAL INVENTORY PROCESS AND Q&A SESSIONS  Changes at the College affecting its inventory.  What To Inventory vs. What Not To Inventory  Changes to the Inventory Process  Scanner vs. Spreadsheet  The FY2012 Inventory Process  Overview  Scanner vs. Spreadsheet  Timeline  Questions & Answers

3. FY2012 PHYSICAL INVENTORY PROCESS AND Q&A SESSIONS  Changes at the College affecting its inventory.  Threshold Increase  Effective with fiscal year 2012 (retroactive to July 1, 2011), the threshold is being increased from $2,000 to $5,000. The College will define capitalized asset equipment based on guidelines set forth by the Commonwealth Accounting Policies and Procedures (CAPP) Manual and the State Council of Higher Education for Virginia (SCHEV).  HEETF & non- HEETF equipment $5,000 and up is capitalized, tagged and inventoried.  All HEETF funded equipment, whole or in part, below $5,000 is treated as controlled and is tagged and inventoried.  All non-HEETF equipment, under the $5000 threshold, are required be identified by numberless tags designated William & Mary assets.  Less data means more accurate data.  Tagging equipment: Barcode tags and ID tags.

4. FY2012 PHYSICAL INVENTORY PROCESS AND Q&A SESSIONS  Changes to the Inventory Process  Scanner vs. Spreadsheet  Less than 75 items – Discoverer Report/Spreadsheet data collection.  16-JAN-2012 –– Distribute E-mail Inventories to W&M and VIMS Departments with 75 or less inventory items.  Above 75 items – Scanner data collection.  23-JAN-2012 –– Distribute Scanners to W&M and VIMS Departments with greater than 75 inventory items.

5. FY2012 PHYSICAL INVENTORY PROCESS AND Q&A SESSIONS DepartmentItems Est. Days to CompleteDepartmentItems Est. Days to Complete Swem Library792Dining Services1413.5 Theatre Speech and Dance792School of Education2666.7 Geology962.4Facilities Management Operations2746.9 Athletic Department982.5Chemistry3057.6 Applied Science1012.5School of Business3919.8 Recreational Sports1062.7Computer Science41610.4 Kinesiology1142.9Physics41710.4 Psychology1203Biology65516.4 Law Library1303.3Information Technology69017.3 School of Law1413.577419.4  Changes to the Inventory Process  Scanner vs. Spreadsheet (cont.)  Above 75 items – Scanner data collection.

6.  The FY2012 Inventory Process  Overview  Custodians: The Custodian (Director, Dean or Sr. Management) is responsible for starting and ending a departments physical inventory.  Update the Department’s Physical Inventory Contact Information.  Sign their department’s Final Inventory Reconciliation results.  Equipment Manager (EM): The EM is responsible for assisting the Fixed Assets Management (FAM) in coordinating the equipment inventory and ensuring adequate follow up. These administrative responsibilities are extremely important and are vital to the College’s financial operation. FY2012 PHYSICAL INVENTORY PROCESS AND Q&A SESSIONS

7.  The FY2012 Inventory Process (cont.)  Scanner vs. Spreadsheet  Less than 75 items – Discoverer Report/Spreadsheet data collection.  Department budget or finance personnel having access to Discoverer have access to report: Fixed Assets – Department Inventory List.  Run report.  Export in Excel format.  Inventory ALL departmental spaces (rooms, sheds and off- site).  Update inventory Excel file with field data.  E-mail completed inventory spreadsheet to FAM. FY2012 PHYSICAL INVENTORY PROCESS AND Q&A SESSIONS

8.  The FY2012 Inventory Process (cont.)  Above 75 items – Scanner data collection.  23-JAN-2012 –– Distribute Scanners to W&M and VIMS Departments with greater than 75 inventory items.  3 Scanners allocated to W&M: 2 scanners for departments with large inventory and 1 for small inventories. FY2012 PHYSICAL INVENTORY PROCESS AND Q&A SESSIONS DepartmentItems Est. Days to CompleteDepartmentItems Est. Days to Complete Swem Library792Dining Services1413.5 Theatre Speech and Dance792School of Education2666.7 Geology962.4Facilities Management Operations2746.9 Athletic Department982.5Chemistry3057.6 Applied Science1012.5School of Business3919.8 Recreational Sports1062.7Computer Science41610.4 Kinesiology1142.9Physics41710.4 Psychology1203Biology65516.4 Law Library1303.3Information Technology69017.3 School of Law1413.577419.4

9.  Timeline  Administration – During Spring Semester Classes  Academics – During summer break  FY2012 Physical Inventory Fieldwork Schedule  10-JAN-2012 –– W&M Equipment Manager Introductory Presentation.  11-JAN-2012 –– VIMS Equipment Manager Introductory Presentation.  12-JAN-2012 –– W&M Make-up Session - Equipment Manager Introductory Presentation.  16-JAN-2012 –– Distribute E-mail Inventories to W&M and VIMS Departments with 75 or less inventory items.  23-JAN-2012 –– Distribute Scanners to W&M and VIMS Departments with greater than 75 inventory items.  15-JUN-2012 –– Finish all field data collection and reconciliation  15-JUL-2012 –– Complete all Inventory Financial Data Reconciliation for FY2012 FY2012 PHYSICAL INVENTORY PROCESS AND Q&A SESSIONS

10.  Questions & Answers FY2012 PHYSICAL INVENTORY PROCESS AND Q&A SESSIONS

11. Presented by Scott Polk The Office of Procurement’s Fixed Assets Management (FAM) REMEMBER UPDATE YOUR DEPARTMENTS PHYSICAL INVENTORY CONTACT INFORMATION

12. FY2012 PHYSICAL INVENTORY PROCESS AND Q&A SESSIONS Presented by Scott Polk The Office of Procurement’s Fixed Assets Management (FAM) REMEMBER UPDATE YOUR DEPARTMENTS PHYSICAL INVENTORY CONTACT INFORMATION