Upcoming Inventory of Moveable Equipment
To comply with Federal requirements, the University will begin conducting a building-by-building review of the University moveable equipment beginning the first week of June.
The professional services firm of American Appraisal Associates (AAA) will perform the physical inventory and tagging of Penn's moveable assets with an acquisition cost greater than $5,000. The inventory will be conducted on a room by room basis throughout 150 university buildings that support organized research, administration, and instruction and service activities. Residences, Dining and Athletics will be excluded from the project. We anticipate AAA staff to be on campus for approximately two months.
The purpose of this review is to meet the Federal Administrative Requirements for Grants (A110 and A21 requirements) that mandates that the University must maintain:
1) Accurate property records to support the depreciation component of our Facility and Administrative cost proposal; and
2) A comprehensive and accurate property record system.
The review will also provide up-to-date information for financial statement presentations.
To support this endeavor, we ask that you extend your full cooperation and provide access to the physical area(s) under your purview. We also ask that you inform team members about any subject equipment assets that are located away from campus, or which may be locked within cabinets. If you have any concerns relative to access sensitivity within your area(s), please contact Bob McCann at firstname.lastname@example.org or Gregory Tausz at email@example.com to arrange a more specific and suitable means to complete your area.
--Craig R. Carnaroli, Vice President for Finance and Treasurer
Almanac, Vol. 47, No. 35, May 29, 2001