ctcLink Accounting Manual | 40.40.60 Physical Asset Inventory

The State of Washington has rules and regulations adopted by the legislature and other governing bodies covering state-funded items of equipment and various other items, including purchasing processes.

Most of these rules and regulations can be found in the Washington State Administrative & Accounting Manual (SAAM) under Capital Asset Policies.

The college president or district chancellor must designate, in writing, one or more college inventory officers to be responsible for maintaining and safeguarding the college’s inventories/assets. The community and college system has selected ctcLink and DirectLine for the college asset and inventory accounting and tracking systems.

Colleges may use ctcLink for all assets and inventory including small and attractive items or may elect to use DirectLine for small and attractive items.

The college inventory officer(s) responsibilities include:

• Developing and implementing policies and procedures to safeguard, control, and account for college/district assets;
• Planning, conducting, and reconciling the physical assets with asset management records;
• Documenting physical inventory procedures; and
• Performing other duties necessary to account for and report assets.

The physical inventory:

• Must be conducted at least once every other fiscal year either all at one time or on a rotating basis.
• Must be performed by persons with no direct responsibility (custody and receipt/issue authority) for the inventory. If it is not feasible to use such personnel for any part of the inventory, those parts are, at least, to be tested and verified by a person with no direct responsibility for the stock.
• Must be fully documented.
• Is not required to include land, infrastructure, buildings, and improvements.
• Must be reconciled with all differences documented and explained including lost and stolen items.
• The asset records must be updated with any changes.
• Must be documented and certified by the college inventory officer with a statement and signature as to its accuracy and completeness.
• Records must be retained as required by state law and made available to auditors and other officials as requested.

Performing physical inventory of assets is currently being tested by ctcLink Support. When testing is complete, guidance will be added here.