University and state regulations require each unit to complete and certify a physical inventory of University movable equipment every two years.
The biennial inventory process verifies the accuracy of the FABweb record and assures that the item is physically present.
For step-by-step instructions, consult:
If you have questions about the inventory process, contact University Property Accounting and Reporting (UPAR) at firstname.lastname@example.org. If your unit would like to use an alternate method to upload equipment updates directly into Banner, consult with UPAR to confirm your method will work before proceeding.
Important Information to Remember
The Physical Inventory Certification Letter must be signed by the unit head (or authorized delegate and by the person responsible for conducting the inventory). It must then be sent to UPAR by the due date given in the physical inventory notification.
Any discrepancies identified during the physical inventory verification must be reconciled, resolved, and related updates recorded in Banner Fixed Asset by the date given in the physical inventory notification.
If a unit fails to comply with the inventory and "pending resolution" deadlines, the appropriate Vice President, Vice Chancellor or Provost to whom the unit reports will be notified and asked to assist the unit in resolving the discrepancies.
The Property Accounting Contact Change Form should be updated when the Unit Property Contact or Department Head changes. Inaccurate contacts lists will negatively impact units receiving correspondence and reminders in a timely manner. Check your Unit Contacts here
Department Property Contacts
Biennial Inventory Dates
Extensions to the due dates below cannot be granted based on Illinois State Regulations and University Policy.
- UIC - Certification Letters due March 31
- Pending Resolution updates completed by June 30
- UIS - Certification Letters due May 31
- Pending Resolution updates completed by August 31
- UIUC - Certification Letters due August 31
- Pending Resolution updates completed by November 30
Last Updated: June 30, 2015