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Physical Re-Inventory

An audit of capital assets that meet capitalization thresholds and sensitive inventorial items must be performed annually (i.e. re-inventory). Re-inventoried assets includes all Tax Levy (assets purchased with city and state funding) and non-tax levy funds which are purchased through Research foundation, Association, Auxiliary and Foundation). The College must complete their re-inventory by December 31st of the current year. The college must comply with the requirement that the total value of items “Not Found” is the lesser of $300,000 or 5% of a College’s total inventory value. Re-inventory categories include the following asset classes:

  • Equipment
  • Computer Hardware
  • Computer Software (Purchased)
  • Smart Classroom
  • Vehicles
  • Furniture & Fixture
  • Works of Art and Historical Treasures

Post re-inventory procedures

At the conclusion of the re-inventory process, the Asset Management department obtains sign off documents from each department that has assets that cannot be located. Missing assets that were located in the prior year re-inventory and were not found in the current re-inventory are reported to Public Safety for investigation. If Public Safety determines the asset cannot be located, an official report is submitted. The report from Public Safety is sent to the Asset Manager who then requests a signed Property Control form from the department. Once this is completed, the Asset Manager removes the asset from CUNYfirst and leaves a note in CUNYfirst for that asset. A copy of all Public Safety reports and Property Control forms for missing assets are sent to the Vice President for Finance & Administration for review. The Public Safety Report and the Property Control form remain on file with the Asset Manager.

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Kingsborough Community College
2001 Oriental Boulevard, Brooklyn, NY 11235-2398 | (718)-368-5000
Kingsborough is CUNY