Audit finds college equipment lacks inventory tags
June 17, 2013
A legislative audit of Potomac State College revealed 83 items that originally cost more than $350,000 did not have inventory tags. West Virginia state law requires all assets purchased by the state for $5,000 or more to have inventory tags. Most of the assets in question were pieces of farm equipment. Some items, such as a horse trailer, were tagged incorrectly, and many labels had worn off from weather damage and long-term wear. Some items were simply never tagged at all.
A representative for the college told The Charleston Gazette that all errors were either corrected or in the process of being corrected, and that West Virginia University intends to hire a professional to improve the inventory tagging system.
This audit and its results demonstrate the importance of a functional inventory tagging system. Especially in situations that involve legal compliance, it is vital that organizations tag all of their equipment. If the machinery is stored outdoors or used in harsh conditions, it is also necessary to check tags for wear and replace them as necessary. Tags can be integrated into fixed asset management software as well, allowing organizations to track the location and status of their assets from a computer.